Global insurtech firm, Bolttech, is extending its African footprint by entering the Kenyan market through a partnership with LOOP, the digital banking service of NCBA Bank.
- •The move deepens the startup’s push into high-growth emerging markets following a series of funding rounds that have valued it at more than US$2 billion.
- •The collaboration will roll out LOOP Flex, a device financing and protection program scheduled to launch in October.
- •Bolttech’s arrival in Kenya comes on the heels of its US$100 million Series C funding round led by Dragon Fund, alongside Baillie Gifford and Generali to fuel further global expansion.
“This partnership enables us to make high-quality devices more affordable while giving our customers the peace of mind that comes with comprehensive protection,” said Eric Muriuki, CEO, LOOP.
Customers will gain access to flexible financing options bundled with comprehensive coverage, including theft, accidental and liquid damage, mechanical breakdown, and extended warranty. Repairs will be handled at certified centers using genuine parts, with insurance embedded into LOOP’s digital experience.
Bolttech already operates in more than 35 markets across Asia, Europe, North America, and Africa, targeting what it sees as a US$70 billion global market for embedded insurance.
“Together, we are embedding protection into the device ownership journey, enabling more people to afford and safeguard the technology they rely on every day,” said Stephan Tan, CEO EMEA and Group Chief Investment Officer, Bolttech.
LOOP, owned by NCBA Group, has operations in six African markets and a customer base exceeding 60 million. It has been broadening its offerings beyond traditional financial services since pioneering mobile lending and savings in 2012.
The country’s insurance market is undergoing a quiet shift as fintech platforms weave protection into everyday transactions, from fertilizer purchases to ride-hailing apps. With penetration below 3% of GDP, far behind South Africa’s 13%, digital-first models are emerging as the most viable way to reach millions of farmers, gig workers, and informal earners who have long been priced out of traditional cover.
Safaricom, Airtel, and a wave of startups are also embedding micro-policies into mobile wallets and consumer services. The trend is squeezing established insurers, many of whom have seen profits slump as low uptake, high claims, and legacy cost structures erode returns. Bolttech’s move with NCBA’s LOOP fits squarely into this transition, aiming to capture growth where traditional players have struggled to make money.
