E-Business
Curacel Secures $3M Seed Funding to Power New Insurance Experiences
Curacel, Africa’s leading insurance infrastructure provider, has raised $3 million in seed funding to roll out new technology solutions designed to power the next generation of insurance experiences in Africa. The new funding will also support the company’s expansion into North Africa.
The seed funding round included Tencent, AAF Management (invested in Sure, Flutterwave), Elefund (invested in Robinhood, Pie Insurance and Sure), Blue Point Capital Partners, Pioneer Fund, Olive Tree Capital and Y Combinator, as well as James Park (CEO of Fitbit), Olugbenga ‘GB’ Agboola (CEO of Flutterwave), Babs Ogundeyi (CEO of Kuda) and other strategic investors. Top executives from Covergenius, Zopper and Pie Insurance will also join Curacel’s advisory board as part of the round.
The combination of a fast-growing population, a rising middle class and increasing access to financial services across the continent means more Africans have the opportunity to experience a wider range of products and services.
From buying cars to accessing accommodation, these experiences come with various risks and insurance companies play a huge role in making it easier to manage the risks and enjoy these experiences with confidence.
However, with insurance penetration across the continent still under 3 percent, many Africans are having to take on these entirely by themselves.
At the same time, the paper-based approach and antiquated technology that powers many insurers’ processes is time-consuming, unduly expensive and prone to fraud and waste.
African insurers lose more than $12 billion per year to fraudulent, wasteful and abusive claims, which makes them understandably cautious and risk-averse with the customer they choose to serve.
Curacel makes it easier for insurers to distribute their products, automate their claims processes, and drive revenue growth by giving them easy-to-use technology solutions that have been specifically designed to drive up insurance inclusion on the continent.
With Grow, Curacel’s embedded insurance product, more than 100 banks, fintechs, logistics companies and other tech-enabled companies, including ALAT (Nigeria’s first digital bank), Providus, PalmPay, Float, etc and others are empowered to increase their recurring revenues by offering digital insurance products that are seamlessly embedded into their existing products and services, driving much-needed insurance penetration and customer loyalty.
Leading insurers like AXA Mansard, Liberty Health, Old Mutual and Jubilee Heath also leverage Curacel’s market leading technology to improve the efficiency and accuracy of their claims processes.
The company’s AI-powered infrastructure means claims can be submitted and processed in real time, helping insurers to reduce their claims cycle by more than 70 percent and process up to 10x more claims.
Curacel has processed more than $100 million worth of claims, working with more than 20 insurers and more than 5,000 service providers in 8 countries across the continent.
In 2022, Curacel grew its transaction volume by 600 percent and increased its revenue by 500 percent. Starting with Egypt and Morocco, the new funding will enable the company to roll out its services in North Africa and deepen its presence in other parts of the continent.
According to Henry Mascot, CEO and co-founder of Curacel, “We are bullish on the potential of the right technology in the right places to close the protection gap across Africa and emerging markets.
It is an exciting time for us as we secure the capital to deliver the vision and onboard the people who have built these technologies at scale in more mature markets, and we are looking forward to delivering more technology solutions to drive up insurance inclusion.”
Omar Darwazah, Managing Director and General Partner at AAF Management, said “at less than 3%, the insurance penetration rate in Africa is one of the lowest in the world, presenting an incredible market opportunity for Henry and the team at Curacel to bridge that insurance gap.
“We are excited to participate in the company’s Seed round and join Curacel’s mission in building easy-to-use technology solutions for insurers to distribute their products on the continent.”
Serik Kaldykulov, General Partner at Elefund, said “Africa remains a relatively untapped market when it comes to insurance and technology presents the best opportunity to reach new users and deliver excellent services.
“Curacel has built a suite of solutions and an impressive track record of success that makes us very excited to be supporting them on their mission to use technology to drive up insurance inclusion in Africa.”
Transition Monitoring Group (TMG) has called on the National Data Protection Commission (NDPC) to investigate what it described as an alleged unauthorised and fraudulent use of personal data of constituents in the failed recall attempt of Natasha Akpoti-Uduaghan, Senator representing Kogi Central in the National Assembly.
The organisation expressed concern that voters’ personal information may have been illegally harvested and deployed without their consent to generate signatures for the recall petition.
Speaking at a press briefing in Abuja, Auwal Rafsanjani, chairman, TMG, observed that such an act amounts to a gross violation of the Data Protection Act, which he said, also undermines public trust in the country’s democratic process.
He called for a forensic verification of the Voter Identification Numbers (VINs) submitted in the recall process, using the Bimodal Voter Accreditation System (BVAS).
TMG’s position came a few days after the Independent National Electoral Commission (INEC) dismissed the petition seeking to recall Natasha for failing to meet constitutional requirements.
The commission had revealed that following a thorough review of the signatures and thumbprints submitted by petitioners, only 208,132 signatories were verified, falling short of the required 237,278.
Rafsanjani, however, expressed concern on how more than 50 per cent of total registered voters in Kogi Central quickly turned up to sign the petition for the recall of Natasha in a country, he said, has historically experienced a worrisome level of voter apathy.
According to him, the incident calls for deeper insight that can only be brought about through thorough investigation.
“While it is noted that INEC has terminated the process at the stage of counting signatories to the petition as the number of signatories did not meet the constitutional requirements for further verification, the seeming fraud of harvesting voters’ details from anywhere to file the petition cannot be overlooked,” he said.
Rafsanjani added: “We are also deeply worried that against the provision of the Data Protection Act, personal data of citizens of Kogi Central Senatorial District have been harvested and used without their consent. This fraud must be investigated by the National Data Protection Commission to assure Nigerians that their personal data will indeed be protected as envisaged by the law.
“Further investigations to verify and authenticate the Voter Identification Number (VIN) through the BVAS must be carried out. Where investigations reveal a fraudulent process, the petitioners must be brought to justice to serve as deterrent to those who would be willing to be induced and used by politicians for this kind of charade in the future.”
But the NDPC, has, reiterated commitment to enhancing data privacy among public and private bodies in the country.
Dr. Vincent Olatunji, national commissioner and CEO, said the commission aims to enforce stricter data protection measures to safeguard sensitive public and private information, as well as promote regulatory compliance in line with relevant laws.
National Data Protection Commission (NDPC) has reaffirmed its commitment to strengthening data privacy practices across Nigeria’s public and private sectors.
Speaking at a regional capacity-building workshop in Katsina for ICT personnel from the north-western states, Dr Vincent Olatunji, national commissioner and chief executive officer of the NDPC, said the commission is stepping up enforcement of data protection regulations in line with national laws.
Olatunji, represented by Mr Princewill Nnaka, head of the Commission’s Enforcement Unit, noted that the NDPC is focused on raising awareness of data rights, improving staff training, and partnering with development agencies to boost capacity.
He said stronger data protection measures would help reduce incidents of cyberbullying, online financial fraud, and loss of lives due to breaches of privacy.
“Data protection is a global concern,” he said. “Our goal is to ensure Nigeria aligns with international standards in the safeguarding of personal data.”
Also speaking at the event, Naufal Ahmed, director general, Katsina State Directorate of ICT (KATDICT), said the training aimed to equip participants with the technical knowledge required to implement the Nigeria Data Protection Act (NDPA) 2023.
He added that the initiative would also enable participants to serve as Master Trainers and Data Protection Officers (DPOs) in their respective institutions.
The three-day programme drew 40 participants, including four officers each from Kaduna, Kebbi, Jigawa, Sokoto, and Zamfara States, as well as 16 officials from various ministries, departments, and agencies in Katsina State.
Kudirat Kekere-Ekun, Chief Justice of Nigeria, has cautioned judicial officials to be vigilant against data breaches, cyber threats and vulnerabilities in online systems as the judiciary continues to adopt digital technology.
Kudirat Kekere-Ekun, Chief Justice of Nigeria,
Kekere-Ekun gave the caution while delivering a keynote address at the opening ceremony of the 2025 National Workshop on Information and Communication Technology, held at the National Judicial Institute in Abuja.
The CJN represented by Salisu Garba, administrator, National Judicial Institute, emphasised that, as the judiciary handles cases, files, personal information, and classified government data, it remains a prime target for cyber attacks.
She underscored the need to safeguard the integrity of court records, warning that any breach could carry serious legal consequences and pose risks to national security.
She said, “Thus, a strong cybersecurity framework must be implemented to safeguard judicial data from unauthorised access, hacking, and corruption.”
The CJN emphasised the need for judicial ICT personnel to receive proper training in cybersecurity best practices, encryption methods, and secure data management.
She commended the National Judicial Council for its proactive efforts in modernising the judiciary, noting that the Judiciary Information Technology Policy stands out as a key initiative, offering a clear framework for the effective deployment and use of ICT in court operations.
In his welcome address, Olumoh Abdulazeez, Institute’s Secretary, emphasised that the annual workshop was aimed at equipping court personnel with the skills needed to keep pace with technological advancements.
“The effective integration of technology can greatly enhance access to justice and lower the barriers for litigants.’”
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