Naked Financial Technology (Pty)

Naked Financial Technology is a South African company specializing in digital insurance solutions.Founded in 2016 and headquartered in Johannesburg, South Africa, Naked Financial Technology provides digital insurance products tailored for consumers.Naked Financial Technology (Pty) Ltd offers digital insurance solutions tailored to meet the needs of South African consumers. Their core product offerings include car, home, and single item insurance, all of which are accessible through a user-friendly mobile application. The company’s innovative approach allows customers to obtain instant quotes, purchase policies, and submit claims without the need for traditional paperwork or phone calls. This streamlined process enhances customer experience by minimizing hassle and providing quick resolutions for claims. The primary customer base includes individuals seeking affordable insurance options for their vehicles, homes, and personal belongings, with the geographical focus on the South African market.Naked operates on a unique revenue model that combines flat fees with a communal claims fund, where excess premiums are donated to causes selected by customers. The company charges customers a fixed fee as part of their insurance premiums, with the remainder contributing to a collective pool used for claims. This operational structure supports a direct-to-consumer approach, enabling clients to manage their insurance needs seamlessly through the app. For example, a customer purchasing car insurance pays their premium, which includes the flat fee for service, while the remaining amount is allocated to cover potential claims. The company’s pricing strategy is designed to make insurance more accessible, reflecting their commitment to affordability and customer satisfaction. Naked is also exploring the introduction of new insurance products in the coming year, aiming to strengthen its market position in South Africa and potentially expand into additional African markets.

1. Series B

   Jan 21, 2025

   Amount

   $37M

   Investors

   Locked

2. Series B

   Feb 15, 2023

   Amount

   $16M

   Investors

   Locked

3. Series A

   Aug 4, 2021

   Amount

   $11M

   Investors

   Locked