Bolttech, the Singapore-based insurtech, announced Wednesday that it has acquired mTek, a digital insurance platform based in Kenya.
Bolttech said in a statement on Wednesday that this move advances its strategic goals in East Africa and enhances the group’s global embedded insurance capabilities.
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.
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.
“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,” said Stephan Tan, Chief Executive Officer, Europe, the Middle East and Africa (EMEA), bolttech.
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,” he added.
According to the statement, mTek’s existing leadership team, led by CEO Bente 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.
Bolttech and mTek also will work closely together to ensure a smooth integration for all employees, customers, and partners.