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Lami Technologies secures Ksh. 192 million seed funding to enhance insurance products in Kenya
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Lami Technologies, Kenyan insure-tech start-up, has received Ksh. 192,330,000 ($1.8 million) in seed money, to help provide tailored and affordable insurance products to the average African consumer. Lami also stated that it intends to use the seed investment to hire more people, improve its technology and grow its presence across Africa.
The investment round was led by Accion Venture Lab, a seed-stage investment firm that supports financial services targeted at underserved markets. Other VCs that participated include AAIC, Consonance, P1 Ventures, Acuity Ventures, The Continent Venture Partners and Future Africa.
Founded by Jihan Abass in 2018, Lami is a digital insurance platform that enables partner businesses – including banks, tech companies, and other entities to easily and seamlessly offer digital insurance products to their users via its API. Lami can also be used by partner businesses to manage their own insurance needs.
Lami connects partner organizations, such as e-commerce platform Jumia, with underwriters and allows them to offer a superior customer journey. Through its API, users can get a quotation for motor, medical, or other tailored insurance products in seconds, then customize the benefits and adjust the premium to suit their needs, get their policy documents instantly, and claims are paid in record time.
This tracker covers possible deals reported by media across Asia-Pacific over a certain period. The information is gathered from various news sources, excludes confirmed deals and is limited to potential acquisitions or sales involving companies or operations in the region. Click here to read the previous month s report.
Australia and New Zealand emerged as bright spots for potential deals in Asia-Pacific s financial sector in March, as Westpac Banking Corp. kicked off a review of its New Zealand business and suitors lined up for the potential purchase of Commonwealth Bank of Australia s general insurance business.
Westpac, Australia s third-largest bank by assets, said it was considering a possible demerger of its New Zealand business as part of its review concerning an appropriate structure for the business. The bank s March 24 announcement came after the New Zealand central bank flagged concerns over Westpac New Zealand Ltd. s risk governance processes and required it to commiss