Malian Insurtech startup, OKO has closed a Seed funding of $1.2 million. The funding spherical modified into led by Newfund and ResiliAnce, with Mercy Corps Conducting, Techstars, ImpactAssets and RaSa additionally taking fragment.
OKO makes spend of satellite tv for computer data to outline the chance and compose insurance protection products for farmers in rising markets. These products are then dispensed using mobile applied sciences. These additionally enable the sequence of premiums and price of claims.
It right this moment operates in Mali and Uganda. With the unique funding, OKO objectives to toughen its presence in Mali and Uganda and develop its choices to extra African markets, starting with Ivory Flee.
“Agriculture is by a ways primarily the most intriguing source of occupation in Africa, with an estimated 33 million farms. And yet, farmers are deprived from overall financial products and providers worship insurance protection and loans. We’re using technology to resolve this reveal and obtain the earnings of those farmers,” stated Simon Schwall, founding father of OKO.
Primarily based by Simon Schwall (a French national) and Shehzad Lokhandwall (an Indian national), OKO takes pride in being primarily the most inclusive slash insurance protection available. All farmers want to join to OKO is a phone (no smartphone required): they’ll dial a short code to carry out extra data and pay thru mobile cash products and providers. To stay this stage of accessibility, the firm partners with mobile operators.
The firm already has approximately 7,000 paying customers in Mali and compensated extra than 1,000 farmers closing yr, who devour been struggling from floods. OKO’s customers in most cases develop maize, cotton, sesame or millet. OKO additionally works with agro-industries to help them with their sustainability targets and obtain their relationships with suppliers. A hit pilots devour been done with ABInBev and Touton in Uganda.
“We imagine most up-to-date construction in iOT and data availability will result within the upward thrust of parametric insurance protection in Africa for the earnings of the local populations. Simon and his team devour built stable bases in Mali from which OKO can now develop in unique worldwide locations and offer unique insurance protection products.” Augustin Sayer, partner at Newfund, stated.
This announcement is an indicator that InsurTech is rising as a fundamental force bridging the gap of financial inclusion across Sub-Saharan Africa.
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