Britam, a leading Kenyan insurer and financial services provider, has signed up 6 fintech startups to its 3-month pre- incubation program dubbed BetaLab.
“We are excited to collaborate with these talented entrepreneurs and support their growth journeys. Their innovative solutions have the potential to transform the financial services industry and improve the lives of Kenyans,” noted Evah Kimani, the director of partnerships and digital at Britam.
The incubator programme is expected to equip the startups with tools and support to scale the businesses. The startups will have access to networking opportunities with potential investors, partners, and customers.
These startups address challenges in:
- Real estate
- Savings
- SME financing, and
- HealthCare
The top three performers from the 12-week programme will qualify for incubation within the BetaLab programme.
The six startups picked for the incubation programme include:
- Zereba – an application offering a deposit-free rental marketplace and streamlines real estate transactions
- Amsha – a savings platform tailored for young adults
- Adapo – an equity crowdfunding platform targeted at small and medium enterprises and startups.
- Chamzetu – A digital platform transforming the management of chamas (informal cooperative societies)
- Pesaflex – Offers cost-effective bank-to-bank transactions
- Medicod AI – A platform leveraging artificial intelligence to optimise medical coding and billing processes
The program is in partnership with Senior Talent, which connects highly skilled and seasoned senior business executives with business founders to help tackle their business challenges and accelerate their development and growth.
Some of the program’s trainers and mentors include:
- An experienced tax lawyer and startup analyst who supports businesses in corporate strategy and tax advisory
- An ICT professional and chairman of Damu Sasa, an innovative end-to-end blood services information management system
- A gender finance and business development consultant
- A digital transformation expert with a focus on cloud services and corporate acceleration
The move by Britam follows the recent revival of Safaricom’s Spark accelerator which unveiled 9 startups for its first cohort in May 2024.
LIST | Here are the 9 Startups Selected for the Safaricom Spark Accelerator Program Inaugural Cohort
Safaricom, which has ambitions to create an app ecosystem around its M-PESA platform, says enrolled startups stand to gain from the program by receiving access to technical… pic.twitter.com/Uq2oFjoWEj
— BitKE (@BitcoinKE) May 31, 2024
Safaricom’s program launched alongside MPESA Africa and Sumitomo Corporation is designed to offer a comprehensive mix of training, mentorship, funding, and go-to-market support.
According to Britam, BetaLab has already facilitated the growth of several impactful startups:
- AiCare – n collaboration with Britam, AiCare developed Motomatic, a web and app platform providing mileage-based motor insurance coverage
- KaroPay – This education tech startup worked with Britam on M-SOMA, a mobile-based savings platform supporting educational initiatives
The program also mentored three internship cohorts who have successfully transitioned into roles as data scientists and full-stack app developers at various companies, Britam said.
In February 2024, Britam launched BetaLab, a new insurance innovation hub, as it aims to nurture budding insuretech and fintech startups, and fast track product development in the industry.
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