bolttech, the global InsurTech, has acquired Kenya-based digital insurance platform mTek as part of a move to accelerate its strategic expansion in East Africa and deepen its embedded insurance capabilities worldwide.
The acquisition allows bolttech to integrate mTek’s digital platform and local market expertise with its own global insurance and protection ecosystem.
The combined capabilities are expected to support increased regional innovation as well as the expansion of embedded protection offerings across several African markets.
mTek, founded in 2019, has built a digital insurance platform that allows customers to compare, buy and manage insurance policies through a fully paperless experience.
The company has become known for improving access to insurance and supporting financial inclusion in Kenya by offering simple and transparent digital services.
Its model has enabled partnerships with major industry players including GA Insurance, Sanlam and Britam, and in September the firm entered a collaboration with Mastercard aimed at enhancing embedded insurance solutions across East Africa.
bolttech EMEA chief executive officer Stephan Tan 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 chief executive officer 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 – bringing more innovative and relevant insurance solutions to customers at scale.”
mTek’s leadership team, led by Krogmann, will continue managing operations in East Africa to ensure continuity for customers, employees and partners. The firm will also undergo a rebrand following the integration.
Both companies have said they will work closely to ensure a smooth transition process for all stakeholders.
