Nigerian Insurtech Startup Insurpass secures Undisclosed Funding from Tekedia Capital

Nigeria-based Insurtech startup providing API-driven insurance infrastructure-as-a-service Insurpass has announced it raised an undisclosed amount of investment from the US-based investment syndicate Tekedia Capital.

Insurpass was co-founded by Seun Ayegbusi and Tobi Odejinmi. The startup enables companies across all sectors to build, embed, and offer digital insurance products to their customers through a fully integrated experience embedded into their front-end environment.

Insurpass leverages its insurance infrastructure-as-a-service platform to enable companies to get a wide range of insurance products and the backend component needed to build, launch and manage an insurance vertical all accessible through single API integration.

Insurpass’ services enable client companies to offer digital insurance services either as a core service or as a value-added service to supercharge their existing offering to their customers while growing their revenue through commissions earned in partnership with Insurpass.

Insurpass also promises that in the coming weeks, it will enable pension service and retirement service providers to reach new customers via APIs.

Insurpass co-founder and CEO Seun Ayegbusi speaking on the funding said: “Tekedia’s investment in Insurpass represents an essential vote of confidence in our company and its business model, as it will enable us to accelerate our agenda to democratize access to insurance coverage especially for the base-of-the-pyramid consumers in Nigeria who are mostly left out of insurance coverage”.

Chairman of Tekedia Capital, Prof Ndubuisi Ekekwe, also stated that Insurpass is a model to unlock other domains.

“Insurpass as an API-based company has a business model that can unlock massive opportunities in the insurance industry.

“We see a business that can redesign not just the insurance sector but other domains like pension collections using proprietary APIs. Tekedia Capital funds companies building critical digital infrastructures in Africa, and we are excited to support Insurpass” said Ekekwe.