Kenyan-based digital online insurance platform secures KES 168m funding

mTek is using technologies such as Artificial Intelligence and machine learning to offer users seamless access to insurance products.
L-R: mTek director and co-founder Chris Osore, CEO Bente Krogmann and CTO and co-founder Felix Okoth. Credit: mTek

mTek, a leading digital online platform dealing in insurance, is based in Kenya. The company has secured $1.25m (approx. KES 168m) funding, courtesy of Verod-Kepple Africa Ventures (VKAV) and Founders Factory Africa (FFA).

Expansion push

With the firm intending to expand its reach across Kenya and the wider East African market, the fund will go a long way in easing the firm’s operations. Moreover, the firm can stand to improve the country’s insurance penetration, which stands at a meagre 3%, according to statistics from the Insurance Regulatory Authority (IRA).

We are dedicated to leveraging technology such as artificial intelligence and machine learning, along with product innovation to streamline processes, enhance customer experiences, and drive operational efficiency across the insurance value chain as well as expanding our Software as a Service solution for our various partners within the East Africa region” – Bente Krogmann, mTek CEO

The initiative will surely position mTek as a major player in the insuretech industry. Innovation in the insurance industry should be a welcome addition, due to the sector’s untapped potential. Thus, with the right cooperation with key stakeholders such as insurance underwriters, finance institutions, businesses and regulators, the wider insurance ecosystem is primed for good returns.

About mTek

mTek aims to bridge the gap between the public and insurance companies in Africa. By incorporating AI and machine learning within its platform, it is able to create a insurance services ecosystem that is easily accessible to the public.

Telegram Ad
Total
0
Shares
Leave a Reply

Your email address will not be published. Required fields are marked *

Previous Post
Bolt

Bolt launches accelerator program for drivers in Kenya

Next Post
Bolt OWIT

Bolt partners with OWIT to empower women drivers 

Related Posts
Boya

Businesses can now track expenses using BOYA’s new tech

BOYA's tech offers key features for expense tracking. For instance, businesses can capture and categorize expenses in real-time using mobile and web applications, automatically recording transactions upon payment.BOYA's tech offers key features for expense tracking. For instance, businesses can capture and categorize expenses in real-time using mobile and web applications, automatically recording transactions upon payment.
Read More