The insurtech startup, Curacel, an AI-powered platform for claims processing and fraud management in Africa, reports that it has raised $450,000 pre-seed funding in a round that was led by Atlantica Ventures and Consonance with participation from Kepple Ventures and other African angel investors.
The insurtech startup already works with some of the biggest insurers on the continent, including AXA Mansard, Liberty Health and Old Mutual, as well as more than 800 hospitals in Nigeria, Ghana, and Uganda. It plans to expand into 10 new African countries by the end of 2021.
Every year, African insurers lose more than $12 billion to fraudulent, wasteful, and abusive claims. Curacel’s flagship CLAIMS platform acts as a bridge between primary care hospitals and Africa’s insurance companies, using advanced artificial intelligence to ensure that insurance companies only pay claims for the correct treatment, appropriate medications and recommended patient therapies.
Curacel is also scheduled to launch Curacel Capital, a cash advance product that makes it easier for healthcare providers to access working capital to mitigate financial challenges. Delayed payments and other inefficiencies in the payment process means many African healthcare providers often have to make the difficult choice between keeping the books balanced or providing healthcare at a loss. With Curacel Capital, healthcare providers can access lump sums of up to three times their average monthly billings, based on claims processed on the Curacel portal, ensuring that they can continue to deliver essential services without undue disruption.
With insurance penetration at just 2.8% across the continent, many Africans are one accident or health emergency away from poverty. And in Africa’s communal societies, tragedy impacts entire communities, with people emptying their savings to pay for medical expenses, burials or other disaster relief for family members and kin. By leveraging Curacel’s products and services, insurers across the continent are better equipped to close the insurance gap and safeguard prosperity.
According to Curacel Co-founder and CEO, Henry Mascot, in a press statement said,
“We are excited to have these investors on board and we are looking forward to partnering with them to drive our vision of improving insurance inclusion across Africa.”
At Curacel he shares, they are uniquely positioned to safeguard livelihoods and increase the quality of life through their unique, market-leading products and services.
IK Kanu, Partner at Atlantica Ventures noted that,
“The African insurance market represents a significant growth opportunity and we are delighted to be partnering with Curacel to drive growth in this sector. There is an opportunity to create an entirely new market of products and services here and we look forward to supporting the team to improve health outcomes across the continent.”
Finally, Mobolaji Adeoye, the Managing Partner at Consonance adds that they believe the Curacel team has what it takes to be market leaders and are therefore excited to support them. Also stressing that they have a great product and equally delighted to be coming onboard at this early stage of their growth.
ImaliPay: Nairobi Fintech Startup Raises Pre-Seed Funding Led By TEN13
ImaliPay, a fintech startup helping African freelancers reach their financial goals has raised an undisclosed amount in pre-seed funding from the Australian venture capitalist, TEN13, reputed for investing in top-tier start-ups.
According to ImaliPay, the primary aim of this newly raised funding is to expand and accelerate their growth and footprint in Nigeria, South Africa and Kenya to be a one-stop-shop for gig workers’ financial needs on the continent.
The backing of ImaliPay by TEN13 is on the back of recent chain of events that has elevated the visibility of Africa’s fintech startup scene.
Commenting on the deal, Managing Partner of TEN13, Stew Glenn, said,
ImaliPay in 2020 was co-founded by Zimbabwe’s Tatenda Furusa and Sanmi Akinmusire a Nigerian, who were former colleagues at the leading payments company Cellulant. The fintech company thinks the investment from the venture capital has significant benefits.
In a statement released to the press, Tatenda Furusa said,
It’s a great opportunity for investors to participate in the fintech revolution and a fast-growing segment. Our vision at ImaliPay is to advance financial health and inclusion for gig workers who struggle to manage and access flexible financial services that are often only available to traditional SMEs.
The growth in the African gig workforce is being pushed by the growth in digitization and smartphone penetration. Gig workers constitute a significant proportion of the economy within ImaliPay’s target markets and this market segment is expected to grow rapidly over the next decade.
ImaliPay offers gig workers a one-stop-shop of financial services such as the ability to seamlessly save their income and receive in-kind loans through a “buy now, pay later” model tied to their trade.
Bolt drivers in Kenya can now request a fuel loan and payback after 3-4 days, this allows them to get more work done and Safeboda riders in Nigeria can now buy on credit bike parts, fuel, and smartphones to keep their gig moving and reduce any downtime.
Other products to be offered off the platform include insurance and investment options to foster a safety net for this hard-working but vulnerable part of the population.
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