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Insurtech mTek secures $2.8m to accelerate growth in Kenyan digital insurance market

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(Ecofin Agency) – Seven months after concluding a partnership with a subsidiary of the Finclusion Group in Kenya, the digital insurance platform mTek is once again partnering with the South African company in the field of insurance digital.

Kenyan insurance-focused technology company mTek secured equity and debt financing of 340 million Kenyan shillings, equivalent to $2.8 million.

The resource was contributed by South African financial and banking services provider Finclusion Group. mTek will use it to accelerate its expansion and strengthen its offering in the Kenyan digital insurance market.

“With this investment, we will be able to start our expansion in Kenya. The investment will help us create fully digital, accessible and affordable insurance offerings for the uninsured. We hope to be able to expand to six African countries over the next two years,” said Bente Krogmann, managing director of mTek.

The digital insurance platform is not its first partnership with Finclusion Group. In November 2021, the Kenyan microfinance structure TrustGro, a subsidiary of Finclusion Group, joined forces with mTek to launch a health insurance policy as well as other general insurance products, at reduced cost, and for the benefit of populations. uninsured.

Finclusion Group, which is once again partnering with mTek, raised $20 million last January to support its expansion and invest in key sectors in East and Southern Africa.

By committing to mTek, Finclusion Group explains that it wants to support the digital insurance and telehealth industry in Kenya. mTek, which started its activities in 2020, aims to reach one million users, thanks to its digital insurance offer, by 2024.

Chamberline MOKO

Read also:

31-05-2022 – The Egyptian fund Cairo Angels Syndicate takes a stake in the South African neo-bank Finclusion Group

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