ClaimBuddy, insurancetech startup has raised $5 million in its Series A funding round led by Bharat Innovation Fund (BIF), with participation from Japanese VC firm CAC Capital, Chiratae Ventures, and Rebright Partners.

Khet Singh Rajpurohit and Ajit Patel

The Delhi NCR-based startup plans to utilize the capital to enhance its tech infrastructure, onboard skilled talent, and diversify its product offerings.

Founded in 2020 by Khet Singh Rajpurohit and Ajit Patel, ClaimBuddy aims to streamline the insurance claims process for both patients and partner hospitals through its digital platform.

ClaimBuddy has already assisted over 35,000 patients and collaborated with more than 250 hospitals nationwide, establishing itself as a comprehensive solution for medical insurance claims.

CEO Rajpurohit expressed confidence in leveraging the investment to introduce innovative financial tools and further improve healthcare experiences. ClaimBuddy’s focus aligns with addressing fundamental issues in insurance claim settlements and patient experiences, as highlighted by BIF’s Ashwin Raguraman.

ClaimBuddy faces competition from other insurtech startups but aims to disrupt the Indian insurtech sector, which is witnessing a surge in digital-first solutions and increased investor interest.

The Indian insurtech space is projected to be a significant segment within the larger fintech opportunity by 2030.

United Bank for Africa (UBA) has said that it will seek shareholders’ approval at the company’s 62nd annual general meeting (AGM) to raise capital.

The AGM is scheduled to be held on May 24.

UBA disclosed this in a statement filed on the Nigerian Exchange Limited (NGX) on Monday.

The development is coming after the Central Bank of Nigeria  (CBN), on March 28, directed commercial banks with international licences to raise their capital base to N500 billion, while national and regional financial institutions’ capital bases were pegged at N200 billion and N50 billion, respectively.

UBA said the board will propose the capital be raised in the Nigerian or international capital markets by way of public offerings, private placements, rights issue or other transaction modes.

The bank said the decision to raise the capital is subject to regulatory approval after consent from shareholders.

According to UBA, the instruments “can either be as a standalone issue(s) or by the establishment of capital raising programmes, whether by way of public offerings, private placements, rights issues and/or other transaction modes, at prices, coupon or interest rates determined through book building or any other acceptable valuation method or combination of methods, in such tranches, series or proportions, within such maturity periods and at such dates and upon such terms and conditions as may be determined by the board of directors of the company subject to obtaining the requisite approvals of the relevant regulatory authorities”.

The company said the board would also propose increasing its issued share capital, from N17,099,710,683 to N22,500,000,000.

UBA, with a capital base of N115.82 billion, needs to raise N384.19 billion to meet the minimum capital requirement for international licence holders.

Wema Bank has launched an anti-fraud campaign to protect its customers and other Nigerians against fraudulent activities perpetrated by some wallet accounts and fintech partners.

The Anti-Fraud Campaign targeted at creating awareness, educating, and equipping customers with the necessary information needed to mitigate, detect and handle fraudulent activities on their bank accounts further underscores the bank’s commitment to safeguarding customers’ finances and personal data.

Oluwole Esomojumi, chief audit executive of the bank, disclosed that the anti-fraud campaign is designed to protect customers from fraudulent activities and provide them with the necessary information for detecting the evolving tactics of fraudsters and to also solidify our position as the bank that stands fully against fraud.

He said: “The antics of fraudsters are constantly evolving. To stay steps ahead, it is imperative that consumers have a good understanding of what interaction or engagement are telltale signs of fraud and how they can handle suspicious fraudulent engagements, hence the launch of the Wema Bank Anti-Fraud Campaign.

“We are steps ahead on our end which is why we have taken time to investigate our fintech partners and those found culpable have been disengaged from our payment gateway platform.

“As a bank that is resolute in our stance against fraud, we cannot compromise the safety of our beloved Nigerians, especially when these threats of fraud are emanating from Fintech who use our platforms.

“Rest assured, there is no room for fraudsters here. We have multiplied the frequency of our security checks and are committed to rooting them out one by one.

“No fraudster is safe with Wema Bank because at Wema Bank, customer safety is our priority and empowering the lives and businesses of every customer is our mission.”

The fight against fraud is one that is clearly personal to Wema Bank and with the sturdy layers of security measures initiated and executed by the bank to sustain consumer protection beyond the direct responsibilities of the bank, Wema Bank is making its entire ecosystem conducive to fraudsters.

As the bank at the forefront of digital innovation and a top enabler in the FinTech landscape, Wema Bank powers a plethora of FinTech across Nigeria, allowing them to operate seamlessly through Wema Bank’s 3rd Party Wallet Accounts.

Due to the recent hike in fraudulent inflows into these wallet accounts, the bank has taken firm action against fintech partners whose account activities have been found guilty of fraud.

Through the anti-fraud campaign launched recently, Wema Bank has successfully investigated, identified, and disengaged 3 FINTECHs partners for Fraud and suspended 4 FINTECHs partners from its platform in its ongoing efforts to ensure responsible partnership, adherence to regulatory procedures and conformance to CBN KYC guidelines.

There are ongoing audits and reviews of FINTECH partners’ processes as part of the grand plan to ensure that we get the anticipated/desired results.