Impact investor Goodwell Investments has announced the completion of an extension round with Inclusivity Solutions, an award-winning insurtech that delivers embedded insurance solutions.
Known for funding growing African companies that provide essential goods and services to low-income audiences, Goodwell initially led Inclusivity Solutions’ Series A round in 2019. With the new extension round totaling $1.5 million, Goodwell is reasserting its confidence in Inclusivity Solutions’ ability to transform access to insurance in emerging markets.
The investment will support Inclusivity Solutions’ expansion plans, including its ambition to operate in at least 12 African markets by the end of 2024. The company will also continue to invest in its highly acclaimed no-code, open-API platform, which enables distribution partners and insurers to offer a full range of insurance products in a matter of hours.
Inclusivity Solutions leverages technology and partnerships to make appropriate and affordable insurance accessible to consumers in emerging markets. By embedding simple insurance products into platforms and services that consumers already use, they safeguard the lives, health, and businesses of consumers while simultaneously offering distribution partners such as mobile operators, banks, and digital platforms the opportunity to attract new customers, retain existing customers, and drive new revenue streams.
This approach is precisely what attracted the attention of Goodwell Investments, says Managing Partner Els Boerhof, commenting: “Around the world, including in several regions in Africa, access to safe and reliable savings, payments, and loans for un(der)served groups is finally growing. Yet insurance remains the problem. Inclusivity Solutions makes insurance easily available and reliable, and thanks to their technology, highly scalable. They are solving an urgent problem, helping people protect themselves from the unforeseen shocks that are often the root cause of poverty and inequality. That is why we invested. In addition, we are pleased to support an organization with a woman at the helm. We don’t see enough funding going there yet.
Inclusivity Solutions reaches these underserved audiences via a network of partnerships with some of Africa’s leading brands, including Britam, FNB, Orange Money, Safaricom, Airtel Africa, and MFS Africa.
Besides ASPin, its robust yet flexible technology platform, Inclusivity Solutions offers its partners a wide range of complementary services, including research, product and process design, pricing, analytics, and implementation support.
Dennis Victor Wafula, Head: Insurance and Investments of Airtel Money, Airtel Africa, highly appreciates this extensive support, saying, “I had heard about Inclusivity Solutions but had never worked together till I joined my current organization. They are omnipresent in all the touch points of my business, a fact that I attribute to their high-caliber workforce. They are agile, sensitive, and responsive and have been extremely helpful not only in technology but in other aspects of the business. Inclusivity’s 360-degree view of the business is fantastic. Choosing them as a partner is a decision I will take pride in for a very long time.”
With the latest influx of capital, Inclusivity Solutions looks forward to welcoming a wider range of partners to meet the needs of more individuals and small businesses across the African continent. Reflecting on the significance of the investment, Indira Gopalakrishna, CEO of Inclusivity Solutions, concludes: “We are thrilled to secure this extension round from Goodwell Investments. It is a validation of the pressing need to close the protection gap across the continent and the work Inclusivity Solutions is doing to address this challenge. We already serve over two million customers in eight African markets. The fresh infusion of funds will enable us to serve millions more customers across new and existing markets.”
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