MTek, Kenyan insurance, has received an additional $1.50 million investment commitment from Finclusion Group, bringing its total investment commitment to $3 million – both equity and debt – following a prior $1.50 million investment.
The collaboration aims to speed up Tek’s entrance into the Kenyan market. The partnership’s goal is to speed up Tek’s growth in the Kenyan market by making substantial changes to the platform and adding more customers.
Ms Bente Krogmann, the CEO of mTek, said the investment is a big step forward for the company and a sign that Pan-African investors trust insurtech’s philosophy, business model, and mission.
Because of this investment, mtek can expanby opening twenty-five Finclusion Group branch offices where we can train agents. Because of the financing, we will be able to develop digital insurance products that are both inexpensive and easily accessible for people who do not currently have health insurance. According to Ms Krogmann, “we aim to be able to further grow into six other countries in Africa in two years “.
Finclusion Group is a fintech platform with a primary focus on the African continent, developing a comprehensive neobank product for its customers. Direct credit offering ,BNPL and Earned-wage access are just some of the many services offered by Finclusion Group today. The company has a physical presence in Eswatini, Namibia and South Africa, in Southern Africa, as well as Tanzania and Kenya in East Africa.
According to Timothy Nuy, co-CEO of Finclusion Group, offering paperless insurance solved a significant market problem. Nuy further noted that Tek’s custom value addition and growth perfectly align with the fintech platform’s goal and expansion plan.
We are still dedicated to advancing financial inclusion in Africa using significant investments and cutting-edge technology that can mediate long-term change, recognizing and meeting the requirements of both the current market and those that will emerge.
We are thrilled to cooperate with such technology that enables paperless insurance in Africa. Mr Nyu Insurers and healthcare providers have benefited from Tek’s platform, allowing for better transparency in the telehealth and insurance industries.
Since 2020, when mTek first launched its platform, the company has had compelling and steady development, doubling its gross written premium and client base every quarter with its innovative paperless insurance product. In addition, the insurance company has formed partnerships with over thirty-five Kenyan insurers to give its customers a continually superior and more open experience renewing or purchasing insurance plans.
As part of its effort to fulfil its purpose of giving insurance to those who do not currently have it, mTek anticipates reaching one million consumers by the year 2024 with its cutting-edge insurance service.