Mtek

Mtek

A digital online insurance platform that provides an entirely paperless ecosystem for the insurance industry. Learn more

Financials

Estimates*

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Revenues, earnings & profits over time
USD20222023
Revenues1.4m2.5m
% growth-80 %
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DateInvestorsAmountRound
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N/A

N/A

Seed
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$1.5m

Seed
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$1.5m

Debt
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$1.3m

Seed
Total Funding€2.5m

Recent News about Mtek

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More about Mtekinfo icon
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mTek Services is a dynamic startup revolutionizing the insurance industry in Kenya and East Africa. The company operates through its innovative mobile application, which allows users to purchase affordable insurance covers online, compare quotes from various insurers, and settle claims efficiently. This digital approach simplifies the traditionally cumbersome process of buying insurance, making it accessible and convenient for a broader audience.

mTek Services primarily serves individual consumers and businesses looking for a streamlined way to manage their insurance needs. The app's user-friendly interface and comprehensive offerings have garnered the trust of over 50 organizations, highlighting its reliability and effectiveness. By partnering with more than 30 insurance companies, mTek Services provides a wide range of options, ensuring that customers can find the best policies to suit their needs.

The company's business model is based on a commission structure. When users purchase insurance policies through the app, mTek Services earns a commission from the insurance providers. Additionally, the app features a referral program called PataPesa, where users can refer insurance policies to friends and family and earn commissions, further incentivizing customer engagement and expanding the user base.

mTek Services operates in the burgeoning East African insurance market, which is ripe for digital transformation. By leveraging technology, the company addresses common pain points such as the need for upfront payments and the complexity of comparing different policies. Customers can make a down payment to get immediate coverage and pay the rest in installments, making insurance more affordable and accessible.

In summary, mTek Services is at the forefront of digital insurance solutions in East Africa, offering a seamless, efficient, and customer-centric approach to insurance. The company's innovative platform, extensive partnerships, and commission-based revenue model position it well for growth in the evolving insurance landscape.

Keywords: digital insurance, Kenya, East Africa, mobile app, affordable coverage, insurance comparison, claims settlement, commission-based, PataPesa, user-friendly.

Tech stack

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Tech stackLearn more about the technologies and tools that this company uses.