Simon Schwall - Afrikan Heroes

Mali-based Digital Insurance Startup, OKO, Secures $500K Seed Extension

June 29, 2022

Simon Schwall, Co-founder and CEO of OKO

OKO, a Bamako-based digital insurance startup, has raised USD$500,000 to help it grow to Ivory Coast and prepare for a Series A.

OKO was founded in 2017 and offers mobile-based crop insurance products that give smallholder farmers with the financial security they want despite volatile climate trends. The company operates in Mali and Uganda and has insured more than 15,000 farmers to date.

From 2020 to 2021, the number of paying clients at OKO increased by a remarkable sixfold, and the company will continue to expand its reach in 2022 by covering more crops and forming new agreements with financial institutions that provide agricultural loans to insured farmers.

It has announced plans to launch in the Ivory Coast with existing partners Orange, Allianz, and Touton after closing a $500,000 extension round. Global impact-tech accelerator Katapult and three business angels (Guillaume Leenhardt, CEO of Gentle Finance, Henry Allard, CEO of Filhet-Allard Maritime, and Lionel Dorie, founding partner of Augusta Energy Group) participated in the extension round. In April 2021, OKO got a seed investment worth US$1.2 million.

“Ivory Coast has always been a priority market for us, so when we saw the opportunity to launch OKO there this year we jumped on it. We are bringing strong partners to make this expansion a success and we have big ambitions for the months to come,” said Simon Schwall, Co-founder and CEO of OKO.

Malian Insurance Tech Startup, OKO, Secures $1.2m As Investors’ Appetite Grows

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh

Oko Finance, Malian Based Insurtech Startup Distributes $70k Payouts to Flood-Affected Farmers

January 16, 2021

Malina farmers severely affected by recent flooding in some parts of the country have received insurance payouts worth $70,000 through its new insurance service. Oko Finance has been developing affordable mobile-based crop insurance products to provide smallholder farmers with the financial security they need, regardless of unstable climate trends since its establishment in 2017.

Chief Executive Officer (CEO) Simon Schwall

Speaking on how the organization managed to venture into an area that is as unpredictable as British weather, the Chief Executive Officer (CEO) Simon Schwall said that Oko Finance deploys the latest satellite observations to develop precise weather monitoring tools and partner with mobile operators to give access to insurance to farmers remotely, in a few clicks and in multiple installments. “OKO also works with loan institutions to facilitate access to capital for insured farmers,” he added.

OKO is active in Mali and in Uganda, with plans to expand to many more markets in the coming years, and is already proving impactful in its home market. Heavy rains in July and August had disastrous consequences for farmers, but those that had insured their fields at the start of the season immediately received compensation for their losses.

In partnership with Orange and SUNU Assurances, OKO launched its insurance service last January. It is available to all Orange users via USSD, and has been used by nearly 5,000 farmers so far. OKO has distributed XOF38,000 in compensation so far.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry