CarePay receives $300K, puts its Kenya CEO in charge of pan-African expansion | 26th May 2020
CarePay International, a health e-payments technology firm and M-TIBA’s parent firm, is upgrading its systems, increasing healthcare providers on its platform and expanding its local operations in Kenya and Nigeria after it received a $300,000 prize-money in the Entrepreneurs for Resilience competition in Beijing.
This is in addition to the €40 million in a Series A financing round the Amsterdam and Nairobi-based firm raised in May. Already active in Kenya and Nigeria, the firm said it would use the funds to expand its mobile health payments platform in Nigeria and into Tanzania.
With the £40 million and the recent $300k, the firm will embark on software development, acquisition of more healthcare providers to its M-Tiba platform and doing nationwide sensitisation programmes on Universal Health Coverage.
“Winning a global competition that involved 200 outstanding companies is an affirmation that M-Tiba built and scaled by our Kenyan team is giving its users a solution to cater for their medical expenses,” said CarePay chief executive Kees van Lede who will be leaving for a pan-African position.
CarePay’s M-Tiba supports an e-wallet for medical funds that is replenished with funds sent as remittances from family members, employer payments, donor funding and health insurance.
The firm has appointed Mr Moses Kuria as Managing Director and Dr Torooti Mwirigi as Commercial Director to replace Kees van Lede and Maarten Ras respectively who have taken up roles in the company’s Africa office. Mr van Lede has been appointed CEO, CarePay Africa Region and Mr Ras has been appointed Commercial Director, CarePay Africa Region.
Mr Kuria was previously CarePay’s Finance and Operations Director. He has helped raise KES 700 million in investment in the company over the last 3 years. He has also overseen the expansion of the Kenya team from 38 to 97 people. This team is now running services and payments for over 4 million people and 1,200 healthcare facilities registered on M-TIBA in Kenya.
Dr Mwirigi was previously Project Director and Agile Coach at CarePay. He was responsible for overseeing development projects on the M-TIBA platform. He brings over a decade of experience in health insurance, health technology and health not-for-profit