Egypt-Based Insurtech Amenli Secures $2.3 Million Funding Led by EBRD
Led by EBRD and Y Combinator, the funding will allow the startup to fuel their tech growth, digitise their customer experience, and drive insurance penetration in Egypt.
Amenli, an Egypt-based insurtech broker, has secured $2.3 million in funding to expand in the region. The investment round was led by EBRD VC, the venture capital arm of the European Bank for Reconstruction and Development, with additional support from Y Combinator (YC).
This new investment will be used to enhance Amenli’s technological infrastructure, diversify its distribution channels, and accelerate product development, particularly in the areas of eKYC (electronic Know Your Customer) and eSignature solutions. The goal is to digitise the customer experience and expand insurance coverage across Egypt, a country with a population of over 110 million people and one of the lowest insurance penetration rates globally.
Despite a largely untapped market, Amenli has increased its retail distribution partnerships by 14 times year-on-year, and has grown its small and medium-sized enterprise (SME) offerings by fivefold.
“By leveraging AI, we are streamlining operations and unlocking new opportunities for growth,” Adham Nauman, Co-Founder and CTO of Amenli, said.“This will allow us to improve efficiencies, elevate the customer experience, and automate processes at scale.”
Amenli’s vision is to increase Egypt’s insurance penetration from its current low levels to 5%, potentially expanding the market size to $20 billion. The company is also focused on expanding its offerings for SMEs, a segment that has shown increasing demand for accessible, personalised insurance products to make it more accessible and efficient for both individuals and businesses.
