IFC mulls equity deal for South African insuretech

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International Finance Corporation is considering a possible equity investment in a South African insuretech that counts Yellowwoods, Naspers Foundry, and Hollard Insurance among its earlier backers. If it goes ahead, the development finance institution will invest up to $10 million in the business, Naked Financial Technology, which was founded in 2018.

Naked’s customers use Naked’s app to insure “their stuff” as the firm’s marketing puts it, whether it’s cars, homes and home contents, or individual items without having to interact with insurance agencies. The ability to manage all aspects of the insurance buying process online, from quotation to claims submission, is both empowering for Naked’s customers and helps keep their insurance rates low.

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