AXIAN Group Acquires Stake in Daba-Backed Insurtech WiASSUR
TLDR
- AXIAN Group acquires stake in WiASSUR, a digital insurance broker supported by Daba's investment platform
- WiASSUR offers various digital insurance products and operates on a B2B2C business model, enhancing accessibility for African consumers
- Daba's facilitation of WiASSUR's seed funding round in 2023, with investments from key players like First Circle Capital and Microtraction, drives expansion into new African markets
AXIAN Group has acquired a stake in WiASSUR, a fast-growing digital insurance broker supported by Daba’s investment platform. The acquisition through its subsidiary AXIAN Investment underscores the rising interest in innovative financial solutions across the continent.
WiASSUR, founded in 2021 and based in Abidjan, Ivory Coast, offers a range of digital insurance products, including auto, health, life, travel, and home insurance. Its B2B2C business model aims to make insurance more accessible to African consumers via an online platform.
Daba played a key role in WiASSUR’s growth, facilitating its $300,000 seed funding round in 2023. Retail investors could participate with as little as $500 through Daba's Direct SPV. Lead investors included First Circle Capital and Microtraction, enabling WiASSUR to expand into four new African markets.
Key Takeaways
AXIAN’s mid-July 2024 stake acquisition positions the group as WiASSUR’s second-largest shareholder, giving it a governance role to help drive the startup’s future growth. With AXIAN’s backing, WiASSUR is set to scale further, continuing its mission to democratize insurance access across Africa.
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