- mTek, an online insurance platform, has secured $1.25 million (KSh 167.8 million) in funding to fuel expansion in Kenyan and East African insurance markets.
- The company will use this investment from Verod-Kepple Africa Ventures and Founders Factory Africa to strengthen its position in the insurance and technology industries.
- Before this latest development, mTek raised $3 million from Finclusion Group in 2022 to foster growth, including expanding to new African markets, rolling out digital products, and increasing its user base.
Bente Krogmann and Christopher Osore co-founded mTek in 2019 to transform how people interact in the insurance sector using technology.
The Kenyan-based insurtech startup adopts paperless transactions instead of insurance paperwork to streamline and improve processes. It aims to increase insurance penetration in Africa and offer a platform for accessing insurance products.
It allows you to purchase insurance directly from the insurer. Users can also use their devices to compare insurance policies and submit claims online.
mTek would use artificial intelligence (AI) and machine learning in its new processes to improve customer experience and increase efficiency in the insurance value chain.
Following the recent funding, Bente Krogmann (CEO) emphasises that the insurtech plans to build Africa's leading platform as a service for the insurance ecosystem.
Looking forward, mTek said it would strengthen partnerships with entries, including underwriters, regulatory bodies, banks, intermediaries, enterprises and stakeholders in the industry.
Specifically, the CEO said, “We are now looking forward to further strengthening our strategic partnerships with underwriters, regulatory bodies, banks, intermediaries, enterprises and other stakeholders in the industry to foster innovation, expand access to insurance, and create value for end-users and the wider insurance ecosystem.”
Despite the low adoption of insurance in Africa, mTek is pushing to bring a shift via its solution offerings. Ory Okolloh, Verod-Kepple Africa Ventures Partner, believes that mTek can resolve the industry's penetration gaps.
