# Naked Financial Technology (Pty)

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/naked-financial-technology-pty

- Industry: Insurance
- Headquarters: Johannesburg, South Africa
- Website: www.naked.insure
- Total disclosed funding: $64M
- Latest round: Series B (Jan 21, 2025)
- Investors on record: 8

## About

Naked Financial Technology is a South African company specializing in digital insurance solutions. Their platform offers a seamless experience for purchasing and managing insurance policies, focusing on affordability and customer-centric innovation.Founded in 2016 and headquartered in Johannesburg, South Africa, Naked Financial Technology provides digital insurance products tailored for consumers. The company was established by Alex Thomson, Ernest North, and Sumarie Greybe and has successfully secured a total of ZAR 700 million in funding through 5 deals, with the latest investment round being a Series B led by BlueOrchard Finance on January 21, 2025.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. The company's products are characterized by their transparency and competitive pricing, with car insurance starting from ZAR 180 per month, home insurance from ZAR 43 per month, and single item insurance from ZAR 15 per month.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. Overall, Naked’s revenue is derived primarily from the premiums paid by customers for their insurance policies, ensuring stability and growth in the competitive insurance market.In January 2025, Naked Financial Technology (Pty) Limited raised ZAR 700 million in Series B funding led by new investor BlueOrchard Finance, with participation from returning investors Hollard Insurance, YW Investments, International Financial Corporation, and DEG. The company will utilize this funding to support the development of artificial intelligence, product enhancements, and market expansion in tech-driven short-term insurance. 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.

## Funding rounds

- Series B, Jan 21, 2025, $37M — DEG, Hollard Insurance Group, BlueOrchard Finance, YW Investments, International Financial Corporation
- Series B, Feb 15, 2023, $16M — International Finance Corporation, DEG, Hollard Insurance, YW Investments
- Series A, Aug 4, 2021, $11M — Naspers Limited, Hollard Insurance, YW Investments

## Investors

- Naspers Limited — Series A
- Hollard Insurance — Series A, Series B
- YW Investments (https://capitalatlas.ai/funds/yw-investments) — Series A, Series B
- International Finance Corporation — Series B
- DEG — Series B
- Hollard Insurance Group — Series B
- BlueOrchard Finance (https://capitalatlas.ai/funds/blueorchard-finance) — Series B
- International Financial Corporation — Series B