$3 M funding secured by Kenyan insurtech startup mTek from Finclusion Group

The Mauritius-based Finclusion Group has invested $3 million in the Kenyan insurtech firm mTek to support its growth throughout East Africa.

A digital platform called mTek, which was introduced in 2020, offers a completely paperless environment for the insurance sector and enables users to compare insurance plans, buy insurance directly from the insurer, and submit claims using their mobile devices.

Finclusion Group, an African-focused fintech platform, has now invested in the firm for a total of US $3 million in loan and equity. Through ongoing platform development and client base growth, the cash will be utilized to speed up mTek’s growth in the Kenyan market.

The investment, according to mTek CEO Bente Krogmann, was a significant development and proof that pan-African investors believed in the startup’s mission, business strategy, and guiding principles.

“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 are both easily accessible and affordable for the uninsured. We hope to be able to further expand into six African countries over the next two years,” she said.

Timothy Nuy, co-CEO of Finclusion Group, claimed that mTek’s ability to provide paperless insurance solved a significant market pain point.

“As a group, we remain committed to driving financial inclusion on the African continent through innovative technology and significant investments that can broker lasting change, identifying and addressing present and future market needs. mTek’s platform has allowed for greater transparency in both the insurance and telehealth industries, and we are pleased to partner with such technology that delivers – for the first time – paperless insurance in Africa,” said Nuy.

“As health financing reforms in Kenya have peaked stakeholder interests from both the public and private sector, we take a long-game approach to this investment. The ‘one-stop shop’, the holistic plug-and-play insurance tech offering pioneered by mTek, is replicable nation to nation, the continent over. We look forward to playing a lead role in that process.”

As it fulfills its purpose to provide insurance to the uninsured, mTek anticipates reaching one million consumers through its cutting-edge insurance service by 2024.