mTek has raised $1.25 million (Sh167.8 million) in funding from investing partners Verod-Kepple Africa Ventures and Founders Factory Africa.
The firm, which leverages technology to support the uptake of insurance services, says the latest funding round will help it expand in both the Kenyan and the East African insurance market.
mTek indicated that they would tap emerging technologies such as artificial intelligence (AI) and machine learning along with product innovation to streamline processes, enhance customer experiences as well as drive operational efficiency across the insurance value chain.
mTek CEO Bente Krogmann, said, “We are excited to have VKAV and FFA as part of team mTek as we are building Africa’s No. 1 platform as a service for the insurance ecosystem. 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.”
On her part, VKAV partner Ory Okolloh highlighted mTek’s strong potential to resolve insurance penetration gaps through a combination of superior technology and strong partnerships.
“As Founders Factory Africa, we are excited to partner with mTek. By providing customers with greater choice and partnering with insurers to optimise their distribution, mTek is making insurance increasingly accessible wherever it operates and lowering costs for all parties in the industry,” said Mr Mzila.
Since 2019, mTek has revolutionised customer experience in the insurance sector through the elimination of laborious insurance paperwork by adopting paperless transactions.
The insurtech market has seen growth with the rise of connected devices to financial services even as more companies seek business efficiency.