Bolttech, the worldwide insurtech agency, has acquired mTek, a Nairobi based mostly digital insurance coverage platform. The transfer is a part of Bolttech’s wider technique to develop its presence in East Africa and strengthen its embedded insurance coverage capabilities in new markets.
mTek launched in 2019 and constructed a digital platform that enables customers to match, purchase and handle insurance coverage insurance policies by way of a paperless workflow. The corporate works with main insurers in Kenya together with GA Insurance coverage, Sanlam and Britam. In September, mTek and Mastercard introduced a partnership that may carry embedded insurance coverage options to prospects throughout East Africa.
Bolttech will combine mTek’s expertise and native perception into its world insurance coverage ecosystem. In accordance with Stephan Tan, the Chief Govt Officer for Bolttech EMEA, “This represents an thrilling step ahead for bolttech as we increase our footprint in Africa. mTek’s modern platform and proficient workforce share our imaginative and prescient of utilizing expertise to make safety extra accessible. Collectively, we will speed up digital transformation in insurance coverage and lengthen the attain of embedded safety throughout the area.”
mTek’s management workforce, together with Chief Govt Officer Bente Krogmann, will proceed to run operations in East Africa. The corporate can even undertake a brand new model identification at a later stage as a part of the transition.
Bente Krogmann, stated, “Becoming a member of the bolttech household marks an thrilling subsequent chapter for mTek. Our expertise, native perception, and dedication to inclusive insurance coverage have remodeled how prospects entry safety in Kenya, and this partnership permits us to scale that affect even additional
mTek’s Development Story
TechArena beforehand reported in 2024 that mTek had raised $1.25 million to help its enlargement and strengthen its partnerships with insurers and different stakeholders.
The acquisition by Bolttech alerts the rising curiosity in Kenyan insurtech startups, which proceed to deal with the low insurance coverage penetration price within the nation. Kenya’s insurance coverage penetration is estimated at about 3%, which is among the many lowest ranges in Sub Saharan Africa.
mTek’s Funding Historical past
Earlier than the acquisition, mTek had raised about $5.8 million throughout a number of rounds. Key disclosed transactions embody:
• March 2024: $1.3 million in a seed spherical led by 54 Collective and Verod Kepple Africa Ventures.
• June 2022: $3 million in a seed spherical backed by Finclusion Group.
• June 2022: Undisclosed debt financing.
• November 2021: $1.52 million in a seed funding from TrustGro.
The corporate’s platform has grown to greater than 250,000 prospects and has generated greater than 50,000 insurance coverage quotes.
mTek’s acquisition provides to a rising record of exercise within the insurtech area. In 2022, Turaco secured a $10 million Collection A spherical and later expanded into Ghana after buying MicroEnsure Ghana. Turaco now operates in Kenya, Uganda, Nigeria and Ghana.
Bolttech and mTek have said that they’re working collectively to make sure a easy integration for workers, prospects, and business companions.
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