Kenyan insurtech startup Bismart has raised an undisclosed amount of funding from the Germany-based GreenTec Capital, which alongside initial investment will allow it to develop its platform and launch its service offerings by the start of Q4.
Leveraging on cutting edge technology, Bismart provides a digital interface to offer insurance products and services across Africa.
The startup will initially offer a small range of service and products that will be expanded quickly, with the interface being developed by the Bismart team allowing the distribution of insurance products across Africa, facilitating the rapid roll-out and scaling of the business.
Bismart will also use blockchain-based smart contracts in order to facilitate policy management and offer the security of decentralised databases.
GreenTec, which focuses on impact-oriented activities, has already already backed a host of startups across the continent, including Rwanda’s ARED, Nigeria’s Farmcrowdy and Ghana’s AgroCenta.
“One of the biggest challenges for innovative startups in Africa is the implementation of solutions with distribution channels that have pan-African reach. Bismart’s application of emerging technologies solves this problem brilliantly, while disrupting the insurance value chain from customer acquisition to risk management,” said GreenTec’s chief executive officer (CEO) Erick Yong.
You can read Disrupt Africa’s interview with Yong, as part of our “Meet the Investor” series, here.