mTek, a Kenya-based InsurTech that provides a digital insurance platform, has raised $3m in debt and equity, including a commitment from African-focused FinTech platform Finclusion Group.
mTek is a digital online insurance platform that provides an “entirely paperless ecosystem” for the insurance industry. Its platform enables customers to purchase insurance directly from the insurer, compare insurance policies, and file for claims directly via their devices.
According to a report by Techbuild, the funds will be used to assist the mTek in developing entirely digital, market-ready insurance products that are both accessible and cheap to the uninsured.
Over the following two years, mTek hopes to expand further into six African countries.
Bente Krogmann, mTek’s CEO, noted that the investment represents a “watershed moment” for the company and a sign of Pan-African investors’ faith in the InsurTech’s mission, and business strategy, and philosophy.
Krogmann added that with this investment, mTek would be able to begin its growth in Kenya by opening 25 Finclusion Group branches where agents will be trained.
Finclusion Group raised $20m earlier this year in a bid to boost financial inclusion in sub-Saharan Africa.
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