Insurance startup mTek taps Ksh.170 million funding

Insuretech startup mTek has tapped Ksh.170 million ($1.52 million) from TrustGro- a non-deposit taking microfinance company.

The funding is expected to support the startup operations which primarily allows Kenyans access to paperless insurance products by partnering with local underwriters.

mTek Chief Executive Officer Bente Krogmann says the company’s goal is to provide affordable insurance to Kenyans as a means to tame runaway costs in areas such as spending on health.

“mTek believes in the mandate to support Kenyans to gain financial independence. We need to put a stop to the fact that most Kenyans foot their medical bills with cash. This is costly and creates cash-flow uncertainty.

The solution will allow Kenyans to spare a foreseeable amount every month for their medical and also other insurance needs without carrying the burden of the premium payment all at once while still being protected from day one,” he said.

“Knowing that you are protected against anything unforeseen gives you a strong sense of security. That’s why everyone should be able to afford basic health insurance or any other type of insurance to protect their assets. This is in keeping with our mission as TrustGro which is to help enhance the quality of life of our customers through simple, convenient and appropriate financial services” added TrustGro CEO Tonderai Mutesva.

mTek says the majority of Kenyan households have shied away from taking up healthcare and other general insurances due to prohibitive high one-off costs.