Digital insurance platform mTek has secured $1.25 million (Sh167.8 million) in funding from Verod-Kepple Africa Ventures (VKAV) and Founders Factory Africa (FFA).
This investment will bolster mTek’s expansion across the Kenyan and wider East African insurance market.
mTek leverages technology to simplify insurance access and aims to be the African insurance ecosystem’s leading platform-as-a-service (PaaS).
The funding will also support mTek’s insurtech innovation.
mTek CEO Bente Krogmann emphasized the importance of the partnerships, stating their goal to build “Africa’s No. 1 platform as a service for the insurance ecosystem.”
They plan to collaborate with underwriters, regulators, and other stakeholders to increase insurance accessibility and create value for all parties involved.
“We are now 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,” said mTek CEO Bente Krogmann.
Krogmann further highlighted plans to utilize artificial intelligence (AI) and machine learning to streamline processes, improve customer experience, and enhance operational efficiency across the insurance value chain.
Through technology and partnerships, VKAV and FFA see mTek’s strong potential to address low insurance penetration rates in Africa.
