mTek of Kenya secures $1.25 million to effectively integrate AI into its processes. mTek, an online insurance platform, has successfully secured $1.25 million (approximately KSh 167.8 million) in funding.
The infusion of capital is earmarked to accelerate the company’s expansion efforts within the Kenyan and broader East African insurance markets.
mTek Secures $1.25 Million
According to Techpoint, mTek, an online insurance platform, has recently secured $1.25 million in funding from Verod-Kepple Africa Ventures and Founders Factory Africa. This investment is aimed at bolstering the company’s presence in both the insurance and technology sectors.
Prior to this funding round, mTek had raised $3 million from Finclusion Group in 2022 to support its growth initiatives. Which as you should know included expanding into new African markets, launching digital products, and growing its user base.
mTek’s Aim In The Region
Founded in 2019 by Bente Krogmann and Christopher Osore. The company, mTek is based in Kenya and seeks to revolutionize interactions within the insurance sector through technology. The startup advocates for paperless transactions to streamline processes and enhance efficiency. With the ultimate goal of increasing insurance penetration across Africa.
How mTek’s Platform Work
mTek’s platform allows users to purchase insurance directly from insurers, compare insurance policies, and submit claims online using their devices. The company plans to leverage artificial intelligence (AI) and machine learning to further improve customer experience and operational efficiency within the insurance value chain.
mTek’s CEO’s Plan For The Company
With the recent funding, CEO Bente Krogmann envisions mTek becoming Africa’s leading platform as a service for the insurance ecosystem. The company aims to strengthen its partnerships with key stakeholders. And this includes underwriters, regulatory bodies, banks, intermediaries, and enterprises, to drive innovation, expand insurance access, and create value for end-users.
How mTek Plans To Tackle the Challenges of Low Insurance Adoption in Africa
Despite the challenges of low insurance adoption in Africa, mTek remains committed to addressing industry penetration gaps through its innovative solutions. Ory Okolloh, Partner at Verod-Kepple Africa Ventures, expresses confidence in mTek’s ability to drive positive change in the insurance landscape.
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