Inclusivity Solutions, a South African insurtech startup has raised US$1.3-million from Goodwell Investments. The startup provides insurance through digital means with a unique combination of actuarial, data analytics capabilities and an understanding of digital insurance in the emerging markets. The funding raised will expand the company’s operations in Africa. Inclusivity Solutions relies on strategic partnerships with mobile operators, banks, insurers and other financial institutions in delivering insurance solutions.
Goodwell Investments is an impact investor focused on financial inclusion, fintech and inclusive growth in emerging markets. The firm has funds under management of over US$150-million and its portfolio companies have reached over 28-million households with over US$2.1-billion in financial products. Goodwell Investments has invested in Paga (Nigeria), Nomanini (South Africa), Musoni Systems (Africa), MFS Africa (Africa) and Lydia (Nigeria) among others. The insurtech startup has attracted investment due to its good integration technology for policy acquisition, policy administration, premium collection and claims processing. The percentage stake acquired by Goodwell Investments was undisclosed.