Kenyan insurtech startup mTek has secured an additional $3 million investment through both debt and equity from African-focused fintech platform, Finclusion Group.
The investment seeks to accelerate mTek’s growth into the Kenyan marketplace through continual improvements to the platform and via the expansion of its customer base.
mTek says it will use this investment to commence its expansion within Kenya through 25 Finclusion Group branches where they will offer agents training.
They will further use the investment to create fully digital, market-ready insurance offerings that will be both easily accessible and affordable for the uninsured. The startup also hopes to further expand into six African countries over the next two years.
Since launching its platform in 2020, mTek has partnered with over 35 Kenyan underwriters to provide its clients with a better and transparent experience while purchasing and renewing their insurance policies.
The startup expects to reach o1 million users through its innovative insurance offering by 2024.