What To Know About Hong Kong Billionaire Richard Li Kenya’s mTek Acquisition

Africa’s digital transformation continues to accelerate and this time, one of Asia’s most influential billionaires is placing a major bet on it. Hong Kong billionaire Richard Li, through his global insurtech powerhouse Bolttech, has officially acquired mTek, Kenya’s leading fully digital insurance platform. While the financial terms were not disclosed, industry experts estimate that similar regional acquisitions typically fall within the multi-million-dollar range. But beyond the price tag, this move signals something much bigger: a bold, long-term commitment to Africa’s rapidly growing insurance and digital financial services market.

And if the early signs are anything to go by, this acquisition might reshape the future of insurance access across East Africa and beyond.

With this deal, Nairobi is set to become a major operational hub for Bolttech in Africa. The company already operates across 39 markets, spanning Asia, Europe, North America, and parts of Africa. Expanding deeper into East Africa is a natural step, especially given Kenya’s reputation as a continental leader in fintech innovation, a country where mobile money, digital banking, and cashless services are deeply embedded in everyday life.

Bolttech’s ambition is clear: to scale its embedded insurance model in a region where insurance penetration remains below 3%, despite the surging adoption of digital services. Africa’s insurance gap presents a massive opportunity, and Richard Li’s Bolttech wants to bridge it using technology, automation, and strategic partnerships.

Why mTek?

Founded in 2019, mTek quickly distinguished itself as one of Kenya’s most innovative insurtechs. Its platform allows customers to:

• Compare insurance quotes
• Purchase insurance policies
• Pay via flexible instalments
• Manage renewals and claims
• Do all of this without a single sheet of paperwork

This digital-first approach aligns perfectly with how modern Kenyan consumers prefer to transact, fast, simple, and mobile-based. mTek’s collaborative model also sets it apart. It works with several leading insurers including:

• GA Insurance
• Sanlam
• Britam

Through these partnerships, the platform has become a champion for financial inclusion, making insurance more accessible and affordable to everyday Kenyans. A major milestone came in September, when mTek teamed up with Mastercard to build embedded insurance solutions tailored to East African markets. The Bolttech acquisition now adds global expertise, technology, and a broader distribution network to this momentum.

According to Stephan Tan, Bolttech’s CEO for Europe, the Middle East, and Africa, the acquisition marks “a moment of acceleration” for the company’s African strategy. He emphasized that mTek’s talented team, platform design, and deep understanding of local insurance needs are perfectly aligned with Bolttech’s mission to expand access to protection products globally. In simple terms: Bolttech wants to take mTek’s local magic and power it with its global engine.

By merging mTek’s on-the-ground insights with Bolttech’s massive technology and distribution ecosystem, the company aims to speed up digital insurance adoption in a region ripe for disruption.

What mTek’s Leadership Is Saying

mTek’s CEO, Bente Krogmann, described the company’s journey as one centered on inclusive insurance, a mission to ensure ordinary Kenyans can easily understand, afford, and access insurance. She believes the Bolttech partnership will amplify this impact, enabling the platform to introduce more relevant and innovative products across East Africa. In her words, this collaboration is not just an acquisition; it’s a scaling opportunity for meaningful financial inclusion. Importantly, mTek’s leadership team will stay on board throughout the transition. This ensures continuity for:

• Customers
• Staff
• Partners
• Regulators

A rebrand is also planned as part of the integration, signaling mTek’s shift into a new era while retaining its operational identity and local trust.

A Platform Already Serving Over 350,000 Customers

mTek is not a small startup anymore. With over 350,000 users, the platform has become one of the most widely used digital insurance tools in East Africa. It aggregates quotes from more than 45 insurers, offering consumers one of the largest insurance comparison pools in the region.

Its platform supports:

• Monthly instalments
• Quarterly payment options
• Upfront premiums
• Automated reminders
• Seamless digital claims support

These features have made insurance more flexible, something many African markets have desperately needed. Bolttech plans to extend these capabilities to new markets as it deepens its African footprint. The goal is simple: connect millions of African users to a broader network of global insurance solutions without the traditional barriers of paperwork, bureaucracy, or limited access.

Richard Li’s expansion into Africa is part of a broader trend of Asian investors seeking high-growth opportunities on the continent. Africa’s young population, booming mobile adoption, and rapid digitization make it an attractive market for forward-looking global tech players. For Africa, this shift means:

• More innovative digital products
• Stronger competition
• Increased foreign capital
• Better customer-focused financial services
• Job creation in the tech and insurance sectors

Kenya, already known for birthing mobile money giant M-Pesa, is well-positioned to become a global leader in digital insurance as well.

What This Means for Africa’s Insurance Future

The acquisition signals a future where:

• Insurance is instant
• Policies are digital
• Claims are automated
• Payments are flexible
• Products are personalized
• Access is widened to millions previously excluded

Bolttech and mTek are betting on a simple but powerful idea: insurance should be as easy as buying airtime. If they succeed, Africa’s insurance landscape will not just grow, it will transform. Richard Li’s Bolttech acquiring mTek is more than just a corporate deal. It’s a strategic leap that positions East Africa and Kenya in particular, at the forefront of global insurtech innovation. With powerful technology, deep local insights, and the right partnerships, this move has the potential to change how millions engage with insurance across the continent.

Africa’s digital insurance revolution has officially entered its next phase and all eyes are now on Nairobi.

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