This move is a strategic effort by Richard Li to enter Africa’s insurance market, with his insurtech company Bolttech acquiring the Kenyan digital insurance provider mTek.
The acquisition, announced on December 8, 2025, makes Nairobi Bolttech the main hub in Africa. mTek, founded in 2019, already serves over 350,000 customers with a digital platform that lets users compare quotes, buy policies, and manage claims without paperwork. The company works with more than 45 insurers, including GA Insurance, Sanlam, and Britam, and aims to make insurance more affordable and accessible in a region where coverage is below 3%.
The purchase price was not disclosed, but similar deals often reach several million dollars. Bolttech, which operates in 39 markets worldwide, sees mTek’s local expertise as a strong fit with its global technology and distribution. mTek’s partnership with Mastercard, which started in September 2019, has also helped expand embedded insurance in East Africa.
Stephan Tan, CEO of Bolttech’s Europe, the Middle East, and Africa, said the partnership will bring more innovative products to the region. mTek CEO Bente Krogmann echoed this, saying the combined companies plan to launch new offerings.
mTek’s team will stay on to ensure a smooth transition, and a rebrand is coming soon. The main goal is to expand embedded insurance, making it part of everyday digital services for more users through Bolttech’s large network.
This move helps Bolttech grow in a digitally advanced market where consumers want flexible, on-demand insurance.
