South Africa’s insurtech startup Nobuntu raises funding from Crossfin
South African fintech startup Nobuntu, which builds innovative insurance products for lower-income segments, has raised an undisclosed amount of funding from fintech holding company Crossfin to help it scale.
Nobuntu, which previously raised funding from DFS Lab and was recently selected to take part in the UK-based Go Global Africa programme, currently offers two products – affordable funeral cover, and a pension savings product named The People’s Fund.
It has now secured an undisclosed amount of funding from fintech holding company Crossfin, whose portfolio companies include the likes of wiGroup, iKhokha and Crossgate. As part of The deal was made through Crossfin’s Blue Garnet Ventures angel investment arm, which is also backed by Investec Private Capital, and will see Blue Garnet take a significant stake in Nobuntu alongside Crossgate.
The deal will also see Crossfin – through its other portfolio companies – give Nobuntu access to more than 9,000 retail stores with more than 110,000 point of sale lanes and 13,500 mPOS merchants in seven African countries.
Read more @Disrupt Africa
