bolttech has acquired Kenya-based digital insurance platform mTek, strengthening its presence in East Africa and expanding its global embedded insurance capabilities.
Founded in 2019, mTek offers a digital platform that lets customers in Kenya compare, purchase and manage insurance online.
The company works with GA Insurance, Sanlam and Britam, and in September announced a collaboration with Mastercard to introduce embedded insurance solutions across East Africa.
Its platform is designed to improve access to insurance through simple, transparent and paperless experiences.
bolttech said it will integrate mTek’s technology and local market expertise into its global insurance and protection ecosystem.
The acquisition supports bolttech’s strategy to grow its footprint in East Africa and enhance its embedded insurance capabilities worldwide.
mTek’s leadership team, led by chief executive Bente Krogmann, will continue to oversee operations in East Africa to provide stability for customers, partners and employees during the transition.
The company will adopt bolttech branding at a later stage.
bolttech and mTek said they will work together to ensure continuity for employees, customers and partners throughout the integration.
Stephan Tan, Chief Executive Officer, EMEA, bolttech said,
“This represents an exciting step forward for bolttech as we expand our footprint in Africa. mTek’s innovative platform and talented team share our vision of using technology to make protection more accessible.
Together, we can accelerate digital transformation in insurance and extend the reach of embedded protection across the region.”
Bente Krogmann, Chief Executive Officer, mTek, said,
“Joining the bolttech family marks an exciting next chapter for mTek.
Our technology, local insight, and commitment to inclusive insurance have transformed how customers access protection in Kenya, and this partnership allows us to scale that impact even further – bringing more innovative and relevant insurance solutions to customers at scale.”
This article first appeared on Fintech News Singapore.
Featured image: Edited by Fintech News Middle East, based on image by tsyhun via Freepik
