Nigerian Insurance Startup, ETAP Gets N622.5 Million Funding to Enhance Car Insurance in Africa
- A Nigerian insurance tech firm, ETAP has announced a new funding of about N622.5 million to accelerate growth in Africa
- The company said the new funding will aid its operations by enabling it to rollout is top-notch app which lets user make claim at reduced time
- The funding was provided by a plethora of Venture Capital firms including Mobility 54, Tsusho, CFAO and other angel investors
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A Nigerian insurance technology start-up, ETAP has notched up a N622.5 million in funding as it seeks to dominate the insurance market in Africa.
This company said it is working with a lot of automobile value chain providers to bring an enhanced experience to its users, Nairametrics said.
Source: UGC
The funding was led by the Venture Capital arm of Toyota, Mobility 54, Tsusho and CFAO Group. Others are Tangerine Insurance, and Graph Ventures which invested ClubHouse, Newmont among others.
A new app in the works from ETAP
According to ETAP, the new funding will aid the rollout of its app which, it says, allows drivers to buy insurance in 90 seconds, and process claims within three minutes or less as they get rewards for good driving.
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The vision for safer road and hassle-free insurance claims
The Chief Executive Officer of ETAP, Ibraheem Babalola stated that Nigerians will be able to buy and make a claim on car insurance without having to resort to any third party as the company believes in rewarding good drivers who make the roads safer.
Mobility 54 Project Manager, Yumi Takagi said ETAP is solving the myriads of challenges impacting the automobile experience in Africa and is excited to support its work to bring innovation to more drivers in the African continent.
According to TechCrunch, the company uses its machine learning to build its architecture intelligence and risk profiles that help in determining the right premiums for each driver and lets them get lower premiums for driving safely.
Moove Secures N43.5 billion funding to scale across Africa, Middle East, Asia and Europe
Legit.ng has reported that Nigeria-based Africa mobility fintech firm, Moove has secured over N43 billion in new funding to give vehicle financing to drivers of ride-hail companies like Uber and gig networks in seven new frontiers across the Middle East, Africa, Asia and Europe in the next six months.
This comes after the startup got N4.15 billion in February and another N9.5 billion in August 2021 last year.
The company stated that the funds will give its freelancers in other vehicle categories like tricycles and buses the needed leverage to accelerate the businesses.
Source: Legit.ng
