Grace Ashiru
Kenyan insurtech mTek has been acquired by Singapore-based unicorn bolttech, marking a rare exit for East Africa in a challenging funding environment.
Founded in 2019 by Bente Krogmann (CEO) and Christopher Osore, mTek developed a fully paperless digital insurance platform serving over 350,000 customers. The platform integrates with more than 45 insurers and has recently expanded its embedded insurance services through a partnership with Mastercard.
This acquisition provides bolttech with an immediate, license-ready entry into the East African insurance market, while mTek’s leadership team will remain in place during the transition. The deal also provides an exit for investors, including Verod-Kepple Africa Ventures, Founders Factory Africa, and Finclusion Group, who supported the startup in previous funding rounds, including USD 3 million in 2022 and USD 1.25 million in 2024.
