Digital Insurer, mTek Secures KSh340m to Drive Expansion

mTek, a digital insurance brokerage firm in Kenya

mTek, a digital insurance brokerage firm in Kenya, has secured KSh340 million ($3 million) commitment from an African-focused fintech platform, Finclusion Group. 

The company says it acquired the investment through debt and equity, which will accelerate its growth into the Kenyan marketplace through continual improvements to the platform and the Expansion of its customer base. 

mTek Chief executive Bente Krogmann said that the investment is a milestone for the organization and indicates pan-African investors’ confidence in the insurtech’s purpose, business model, and philosophy. 

“With this investment, we will be able to commence our Expansion within Kenya through 25 Finclusion Group branches where we will offer agents training. The investment will help us create fully digital, market-ready insurance offerings that will be both easily accessible and affordable for the uninsured,” said Krogmann.

The digital insurance firm aims to expand into six African countries over the next two years. 

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