Bolttech, the global insurtech firm, has acquired mTek, a Nairobi based digital insurance platform. The move is part of Bolttech’s wider strategy to grow its presence in East Africa and strengthen its embedded insurance capabilities in new markets.
mTek launched in 2019 and built a digital platform that allows users to compare, buy and manage insurance policies through a paperless workflow. The company works with major insurers in Kenya including GA Insurance, Sanlam and Britam. In September, mTek and Mastercard announced a partnership that will bring embedded insurance solutions to customers across East Africa.
Bolttech will integrate mTek’s technology and local insight into its global insurance ecosystem. According to Stephan Tan, the Chief Executive Officer for Bolttech EMEA, “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.”
mTek’s leadership team, including Chief Executive Officer Bente Krogmann, will continue to run operations in East Africa. The company will also adopt a new brand identity at a later stage as part of the transition.
Bente Krogmann, 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
mTek’s Growth Story
TechArena previously reported in 2024 that mTek had raised $1.25 million to support its expansion and strengthen its partnerships with insurers and other stakeholders.
The acquisition by Bolttech signals the rising interest in Kenyan insurtech startups, which continue to address the low insurance penetration rate in the country. Kenya’s insurance penetration is estimated at about 3%, which is among the lowest levels in Sub Saharan Africa.
mTek’s Funding History
Before the acquisition, mTek had raised about $5.8 million across several rounds. Key disclosed transactions include:
• March 2024: $1.3 million in a seed round led by 54 Collective and Verod Kepple Africa Ventures.
• June 2022: $3 million in a seed round backed by Finclusion Group.
• June 2022: Undisclosed debt financing.
• November 2021: $1.52 million in a seed investment from TrustGro.
The company’s platform has grown to more than 250,000 customers and has generated more than 50,000 insurance quotes.
mTek’s acquisition adds to a growing list of activity in the insurtech space. In 2022, Turaco secured a $10 million Series A round and later expanded into Ghana after acquiring MicroEnsure Ghana. Turaco now operates in Kenya, Uganda, Nigeria and Ghana.
Bolttech and mTek have stated that they are working together to ensure a smooth integration for employees, customers, and industry partners.
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Also Read: How Safaricom is Driving Innovation in Kenya’s Insurance Sector