Digital insurer gets Sh340m to drive expansion
By Jacktone Lawi, June 21, 2022
INVESTMENT: Kenyan insurtech and digital insurance platform mTek has secured a Sh340 million ($3 million) investment commitment from the African-focused fintech platform, Finclusion Group.
The move comes on the heels of a recent Sh170 million ($1.50 million) investment which helped to unlock for Kenyan citizens greater, real-time access to health insurance, plus other general insurance products.
Acquired through both debt and equity the investment will accelerate mTek’s growth into the Kenyan marketplace through continual improvements to the platform and via the expansion of its customer base.
mTek Chief executive Bente Krogmann, said that the investment is a milestone for the organisation and an indication of pan-African investors’ confidence in the insurtech’s purpose, business model and philosophy.
“With this investment, we will be able to commence our expansion within Kenya through 25 Finclusion Group branches where we will offer agents training.
The investment will help us to create fully digital, market-ready insurance offerings that will be both easily accessible and affordable for the uninsured,” said Krogmann.
According to the digital insurance firm, it will further expand into six African countries over the next two years Finclusion Group is an African-focused fintech platform building out a complete neobank offering for its users.
Finclusion Group Chief Executive Officer, Mr. Timothy Nuy, added that mTek’s capability to offer paperless insurance addressed a critical market pain point, while noting that mTek’s continued growth and customer value-addition align perfectly with the fintech platform’s vision and expansion model.