Singapore-headquartered global InsurTech bolttech has announced that it has acquired mTek, a digital insurance platform based in Kenya. This move advances bolttech's strategic goals in East Africa and enhances its global embedded insurance capabilities.
As part of this acquisition, mTek’s digital platform and insurance expertise will be leveraged on a global scale, combining local insight with bolttech’s extensive global insurance and protection ecosystem.
In a statement, bolttech said, “Founded in 2019, mTek has developed a best-in-class digital platform that enables customers in Kenya to compare, purchase, and manage insurance seamlessly. Its InsurTech capability supports greater access to insurance and financial inclusion through simple, transparent, and paperless insurance experiences. The mTek platform partners with leading industry players, including GA Insurance, Sanlam, and Britam. In September, mTek and Mastercard announced a collaboration to bring embedded insurance solutions across East Africa.“
Mr Stephan Tan, CEO, 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.”
Ms Bente Krogmann, CEO, 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.”
mTek’s existing leadership team, led by Ms Krogmann, will continue to oversee operations in East Africa, providing stability and support for customers, partners and employees during this next phase of growth. As part of the acquisition, mTek will also rebrand in due course.
mTek is a leading Kenya-based InsurTech reshaping East Africa’s insurance ecosystem through digital innovation. Established in 2019, mTek provides a fully digital, end-to-end distribution platform that seamlessly integrates general and life insurance products with both B2C and B2B2C functionality. The platform empowers more than 350,000 customers in Kenya alone, to compare quotes from over 45 insurers and purchase coverage either upfront or through flexible instalment plans.
bolttech serves customers in 39 markets across Asia, Europe, North America, and Africa. With a full suite of digital and data-driven capabilities, bolttech powers connections between insurers, distributors, and customers to make it easier and more efficient to buy and sell insurance and protection products.