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Bolttech said the acquisition will allow it to integrate mTek’s technology into its global embedded insurance ecosystem. Stephan Tan, Chief Executive Officer for EMEA at 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.” mTek’s leadership will remain in place during the transition, with CEO Bente Krogmann continuing to oversee East African operations. Krogmann said the deal sets up the company for wider regional expansion. “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.” The company is expected to rebrand following the acquisition, as the firms work on integrating systems, staff, and partnerships.

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Mawingu has raised KSh 1.9 Billion ($15 million) of debt and equity financing to enable this expansion into East Africa. The Africa Go Green Fund (“AGG”), managed by Cygnum Capital, will provide KSh1.4 Billion ($11 million) of long-term senior debt. This is supported by an additional KSh0.5 Billion ($4 million) investment from InfraCo Africa, part of the Private Infrastructure Development Group (PIDG), and from Dutch Entrepreneurial Development Bank FMO. This acquisition will enable the company to replicate its wins in Kenya, into Tanzania and East Africa. The primary objective is to scale Mawingu’s affordable home Internet proposition to underserved communities in East Africa by acquiring and growing ISPs in the target markets.

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Special Correspondent

IRU Media Prize on the Future of Transport and Trade now...

Now is the time for local investors to step up and...

The Secret Chinese Arms Trade in the Horn of Africa

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MOST POPULAR

Bolttech acquires Kenya’s digital insurance platform mTek

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