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South Africa’s bancX Cloud Platform Secures Investment for Global Expansion

bancX cloud platform

Johannesburg based bancX cloud platform, secures an undisclosed amount of investment from Imvelo Ventures to expand its experiential cloud-based banking platform in Africa and across the globe.

Founded in 2017, the bancX cloud platform is widely used by fintech ventures, banks and other companies offering digital, innovative financial services with data, and customer experience at the heart of their value proposition.

According to its CEO, David Rogers,

“We are very excited to conclude this investment with Imvelo who specializes in funding and advising high-growth fintech, as we embark on our growth aspirations.”

He reveals that, the startup is exploring other ways to work with its shareholders and partners in building the next generation of cloud banking technology, not just in Africa but worldwide.

As to why they built bancX cloud platform, Rogers said, they wanted to bring modern software technology to banking to unlock the power of the cloud, data and agile processes to deliver flexible, powerful, experiential and affordable banking and financial services capabilities that their customers can plug effortlessly into.

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The features and architecture to deliver them, he added, are engineered into the bancX cloud platform from the experiential layer to the core.

Imvelo Ventures, the South Africa Capitec Bank backed venture capital supports companies across all life cycles as long as they represent an interesting and commercial investment opportunities. MoneyWorks, ForGood and Ice Media are some of the companies in their portfolio.

bancX cloud platform

Anton Baumann is the Exec. Dir. of Imvelo Ventures who indicated that, they are confident in backing this highly-experienced, passionate and driven leadership team with a robust and uniquely differentiated technology platform.

The platform offers their corporate partners attractive investment opportunities which they believe are able to drive inclusive growth in the economy of South Africa through solutions that address problems facing consumers and that can challenge the status quo.

The investment into BancX according Wim De Buyn, the CIO of Capitec Bank is simply because of their team, where he says,

“Capitec is excited to partner with such a strong team. They are experts in the next wave of fintech banking technologies such as cloud, micro services and event-driven architectures.”

BancX, for him, is offering an end-to-end capability, combined with a marketplace of partners, to rapidly and cost-effectively bring innovative, data-driven, API configurable solutions to market.

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This he concludes, will enable them push the boundaries of data, AI and digital core banking infrastructure.

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Funding

Curacel: Insurtech Startup Secures $450K Pre-seed Funding Led by Atlantica Ventures & Consonance

Curacel

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 new investment will be used to accelerate Curacel’s expansion across Africa and facilitate the goal of becoming Africa’s premier provider of embedded finance technology for insurance.

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

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.

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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.

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