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Naked secures R700 million for further IT investment and to fund its rapid growth

Launched in 2018 by actuaries Alex Thomson, Sumarié Greybe, and Ernest North, Naked reimagined insurance through a digital platform that leverages artificial intelligence (AI) and automation. Its app enables customers to obtain final insurance quotes in under 90 seconds and buy cover online,
Naked, a South African insurtech company, has successfully raised R700 million in funding to support its rapid growth and further investment in IT infrastructure. This funding round was led by the German development finance institution DEG, with participation from existing investors such as Yellowwoods, and new investors like SCOR Ventures and Hollard. The capital will be used to enhance Naked's technology platform, expand its product offerings, and increase its market presence both locally and internationally. The company, known for its customer-centric approach and innovative use of technology in the insurance sector, aims to leverage this investment to continue disrupting the traditional insurance market.

Read the Full MSN Article at:
[ https://www.msn.com/en-za/technology/tech-companies/naked-secures-r700-million-for-further-it-investment-and-to-fund-its-rapid-growth/ar-AA1xAa8y ]