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mTek, a Kenyan insurance technology company led by Nairobi-based entrepreneur Bente Krogmann, has received an additional investment commitment from Finclusion Group, an African-focused fintech platform, as part of its plans to expand operations throughout East Africa.
Founded in 2020 by Krogmann as a digital online insurance platform that provides an entirely paperless ecosystem for the insurance industry, mTek has doubled its client base and grown its gross written premium every quarter to date.
Finclusion Group’s latest capital injection, in the form of equity and debt funding, brings mTek’s total funding to date to $3 million, following an initial $1.5 million.
Its recent investment, which aligns with the startup’s strategic expansion plans as it prepares to expand operations not only in Kenya but throughout East African, will see its client base surpass 1 million users by 2024.
The move will allow it to fulfill one of its missions, which is to provide insurance to the uninsured and financially excluded in communities across East Africa.
In response to the recent investment, Krogmann, mTek’s CEO, said the startup will be able to begin its expansion within Kenya through Finclusion Group branches, where it will offer agent training.
“The investment will help us to create fully digital, market-ready insurance offerings that will be both easily accessible and affordable for the uninsured,” she said. “We hope to be able to further expand into six African countries over the next two years.”
Since its inception nearly two years ago, mTek has registered more than 20,000 users and collaborated with over 35 Kenyan underwriters to consistently provide clients with a better and more transparent experience when purchasing and renewing their insurance policies.
