DEAL: Insurtech startup, ETAP secures $1.5 million funding to improve car insurance in Africa

ETAP, an insurtech startup in Nigeria has obtained $1.5 million in funding as it looks to improve the penetration of car insurance across Africa.

To achieve this, the startup said it is working with a wide range of automotive value chain players, adding that it will also work with a wide range of automotive value chain players.

Led by Mobility 54 (the Venture Capital arm of Toyota Tsusho and CFAO Group), the funding round also saw participation from Tangerine Insurance, Graph Ventures (invested in Clubhouse), Newmont and other Angel investors.

The startup said the funding will support the rollout of ETAP’s game-changing app which allows drivers to buy insurance in 90 seconds, complete claims in 3 minutes or less and also get rewarded for good driving whilst also avoiding accidents.

What they are saying

  • Ibraheem Babalola, CEO and founder of ETAP said, “Just like any other digital service, we believe Nigerians should be able to buy and claim car insurance without having to ‘call a guy’. We also believe that rewarding good drivers can be a catalyst for better driving and making our roads safer.
  • “This is why we have created Africa’s most powerful car insurance app and we are excited to have raised these funds to bring more users on board. Too often, the process of buying and claiming insurance in Africa is so out of touch with the everyday reality of most people but we are changing the game and making the process just as enjoyable as any other experience that consumers access on the mobile phone.”
  • Yumi Takagi, Project Manager at Mobility 54 said, “ETAP is addressing many challenges that impact the automotive experience in Africa and we are excited to support and work with them to bring their innovation to more drivers across the continent. We believe that ETAP will engage with this important role and revolutionize the automotive insurance industry with their powerful technology.

What you should know

  • ETAP said it utilizes machine learning in building its intelligent risk profiles that help to determine appropriate premiums for each driver and also allow them to achieve lower premiums by driving safely.
  • Drivers have flexible coverage options that include daily, weekly, monthly, quarterly and annual plans depending on their needs and affordability.

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