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This is the third and largest fundraising by the South African start-up since the launch of its activities in 2018. This financing puts her in a good position to explore opportunities abroad.
The International Financial Corporation (SFI), the German development financing institution DEG, and the firms Hollard and Yellowwoods announced on Wednesday, February 15, 2023 a joint investment in Naked, a South African all-digital insurance platform that offers full coverage for cars, homes and autonomous items.
The financing led by the SFI will support Naked’s strategy, which aims to extend its digital insurance offer, including to more first-time buyers, and will allow it to continue to innovate to improve the customer experience.
“We believe that Naked is well placed to promote digital transformation and inclusion in the South African insurance sector because of its unique technology and innovative business model,” said Ingo Schultz, Vice President at DEG Insuretech Global Markets.
Since its launch, the start-up Naked has been developing an automotive insurance solution powered by artificial intelligence (AI). To this end, the platform has attracted many investors from several countries around the world to support it in the construction of its digital infrastructure.
This capitalization, considered one of the largest insurtech financing cycles ever carried out in Africa, should help expand access to car, home and other insurance products in South Africa, the leader in the insurance market in Africa.
According to a report by the Swiss Re Institute, the research branch of the insurer Swiss Re, South Africa reached a market share of $51.215 billion in 2021 in African insurance, or 69.03%. The country is followed by Morocco, Egypt and Kenya, which represent 7.2%, 3.799% and 3.26% respectively of the total premiums subscribed in Africa in 2021.
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