CarePay International will invest €10m (£8.4m) to fund the expansion and innovation of its health insurance platforms which connect members, payers, and healthcare providers, including managing claim payments and personalised information.
The new funding will allow the Dutch-African company to extend its health insurance platform to new regions and markets, it said.
The company has raised €10m from Reinsurance Group of America (RGA) and the Health Insurance Fund (HIF), a fund supported by the Ministry of Foreign Affairs of the Netherlands.
CarePay launched in Kenya in 2015, and established its headquarters in Amsterdam in 2017. One year later the company expanded to Nigeria.
The company said that it had impacted the lives of more than 4.8 million people with its health insurance platform and that it was well positioned to achieve its strategic goals and continue to be at the forefront of innovation in the health insurance space.
RGA joins as a new long-term strategic investor, while HIF is continuing to support CarePay.
Pieter Prickaerts, CEO of CarePay, said securing this fresh funding was a significant milestone.
“It underscores the growing emphasis on leveraging high-quality data for AI-driven disruptions in healthcare,“ he said.
“Our goal is to make healthcare more accessible and efficient for people globally.”
Nicole Spieker, CEO of HIF said: “Our ongoing investment reflects our belief in the vision to drive meaningful change in health markets by expanding patient-centric access to care, including the previously uninsured.”
Kenneth Schuit, vice president of ventures and partnerships at RGA, said the reinsurer was excited to support the firm in this next phase of growth.
He added the platform’s capability to ensure secure, scalable, and high-quality data made it a compelling investment for making financial protection accessible to all.