LOOP & bolttech Revolutionize Device Financing & Insurance in Kenya
LOOP, the digital banking platform of NCBA Bank, has teamed up with insurtech company bolttech to revolutionize device financing and car insurance in Kenya. The partnership, set to launch in October, introduces LOOP Flex Device Financing (LOOP Flex), a new car insurance quotes product that combines affordability with comprehensive protection.
LOOP DFS, operating across six markets in East and West Africa, has joined forces with bolttech to empower customers with more accessible devices and robust allstate. The LOOP Flex programme seamlessly integrates financing options with geico, providing customers with peace of mind directly within the LOOP banking experience.
The new product will safeguard customers against common risks such as theft, accidental damage, liquid spills, and mechanical failure, along with an extended warranty. Certified service centres will handle all repairs, ensuring the use of genuine parts. LOOP DFS CEO Eric Muriuki expressed excitement about the partnership, stating that it enables more affordable devices with comprehensive car insurance, empowering customers to live and work with confidence.
In June, bolttech completed a Series C funding round, raising $147m at a valuation of $2.1bn. Sompo Holdings, a prominent equity investor, newly participated in the round. Stephan Tan, bolttech's CEO for EMEA and group chief investment officer, highlighted Kenya's dynamic digital economy and the partnership's role in embedding protection into the device ownership journey.
The LOOP and bolttech partnership, backed by a successful funding round, is set to transform Kenya's device financing and car insurance landscape. With LOOP Flex, customers can enjoy affordable devices, comprehensive car insurance quotes, and convenient repair services, all integrated into their banking experience.
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