Egypt’s Amenli Secures $2.3M Funding to Expand Insurance Access

STARTUP VENTURE CAPITALNovember 20, 2024 at 10:13 AM UTC

TLDR

Egyptian insurtech broker Amenli secures $2.3 million funding round led by EBRD and Y Combinator
Funding to drive digital transformation in Egypt’s underpenetrated insurance market and enhance technological capabilities
Amenli aims to increase Egypt’s low insurance penetration to 5%, targeting a $20 billion market size

Amenli, an Egyptian insurtech broker licensed by the Financial Regulatory Authority (FRA), has raised $2.3 million in a new funding round led by the European Bank for Reconstruction and Development’s Venture Capital arm (EBRD) with follow-on support from Y Combinator (YC).

The funds will accelerate Amenli’s growth, enhance its technological capabilities, and drive digital transformation in Egypt’s underpenetrated insurance market.

Amenli plans to leverage the funding to diversify distribution channels, invest in product development, and utilize FRA-supported initiatives like eKYC and eSignature. Egypt’s insurance penetration is among the lowest globally, but Amenli aims to increase it to 5%, targeting a $20 billion market size.

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Key Takeaways

Amenli’s rapid growth, including a 14x increase in retail distribution partnerships and a 5x expansion of SME offerings, underscores its leadership in Egypt’s evolving insurance landscape. Backed by strong investors, advanced AI-driven technology, and regulatory support, Amenli is positioned to capitalize on the country’s untapped insurance market, offering personalized and efficient solutions for individuals and SMEs while driving industry-wide transformation.

Venture Capital

Egypt

Startup

Amenli

Insurance

Insurtech

Financial Services