Kenyan insurtech company mTek has received an additional investment commitment from African-focused fintech platform Finclusion Group totaling $3 million to date, including both loan and equity, following a recent $1.50 million investment.
Through its ground-breaking 100% paperless insurance, mTek has had constant and compelling growth since launching its platform in 2020, tripling its customer base and gross written premium every three months.
The investment, according to mTek’s Chief Executive Officer, Ms. Bente Krogmann, is a significant step for the company and a sign of Pan-African investors’ faith in the insurtech’s mission, strategy, and model.
Through 25 Finclusion Group branches, where we will train agents, we will be able to start our expansion within Kenya with this investment. The financing will assist us in developing fully digital, market-ready insurance products that are accessible to uninsured people and reasonably priced. Over the following two years, we plan to further our expansion into six African nations, according to Ms. Krogmann.
As it fulfills its purpose to provide insurance to the uninsured, mTek anticipates reaching one (1) million users through its cutting-edge insurance service by 2024.
In order to continually give its clients a better and more transparent experience while purchasing and renewing their insurance policies, the insurtech has now worked with over 35 Kenyan underwriters.