Kenyan Insurtech mTek Services has sequred $1.25 mn in funding to boost its expansion efforts within the Kenyan and East African insurance markets.
The investment, spearheaded by Verod-Kepple Africa Ventures and Founders Factory Africa, is set to bolster mTek’s foothold in both the insurance and technology sectors.
Founded in 2019 by Bente Krogmann and Christopher Osore, mTek has been at the forefront of revolutionizing insurance sector interactions through technology.
With a vision to increase insurance penetration across the continent, mTek is leveraging artificial intelligence (AI) and machine learning to further enhance customer experiences and operational efficiency throughout the insurance value chain.
The Kenyan-based insurtech startup aiming to streamline processes and enhance user experiences within the insurance industry across Africa.
mTek Services is an Insurtech company that provides a platform facilitating mobile and paperless insurance services.
The company aims to simplify the insurance process by allowing users to purchase insurance, process claims, and manage their insurance policies entirely through a mobile application, without the need for physical documentation.
This approach not only streamlines the management of insurance products but also increases accessibility for consumers, which is particularly important in regions with lower traditional insurance penetration.
This funding injection follows a previous investment round in 2022, where mTek secured $3 mn from Finclusion Group to fuel its growth strategies, including expansion into new African markets, digital product rollouts, and user base augmentation.
We are 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.
Bente Krogmann, CEO of mTek
Even with insurance having limited uptake in Africa, mTek is actively working to change this trend through its range of solutions. According to Ory Okolloh, Partner at Verod-Kepple Africa Ventures, mTek has the potential to address the industry’s challenges regarding low penetration rates.
mTek’s platform enables users to directly purchase insurance from insurers, facilitating policy comparisons and online claims submissions.
Insurtech’s commitment to building Africa’s premier platform as a service for the insurance ecosystem.
mTek plans to strengthen partnerships with key industry stakeholders, including underwriters, regulatory bodies, banks, intermediaries, and enterprises, to continue driving innovation and expanding access to insurance products and services throughout Africa.
by Peter Sonner
