Britam is taking a long-term approach to innovation by backing the startups driving change in financial services. Through its BetaLab innovation hub, the insurer plans to invest up to Sh1.9 billion ($15 million) in fintech and insurtech companies over the next four years, positioning itself as both an industry player and an investor in Africa’s growing digital economy.
The investment is expected to strengthen innovation across the financial services sector while creating new opportunities for entrepreneurs developing digital solutions. By providing both equity and debt financing, Britam aims to support startups operating across the seven African markets where it has a presence, helping them build products that improve access to insurance, digital payments and other financial services.
Supporting the Next Generation of African Startups
Founded in February 2024, BetaLab has evolved from a startup incubation hub into a venture capital platform that provides long-term funding to businesses developing financial technology solutions. The platform plans to invest between $5,000 and $50,000 in startups from seed to growth stage, with investment horizons of between five and 15 years.
The initiative reflects the growing need for established financial institutions to work alongside technology companies as digital innovation reshapes the industry. Traditional insurers are no longer competing only with one another but also with digital lenders, payment platforms, embedded insurance providers and other technology businesses changing how customers access financial products and manage risk.
Simon Wanduga, Britam’s Head of Telco and Fintech Partnerships, said the company is responding to these market changes by making innovation a business priority.
“We are now competing not only with insurers but also with fintechs, insurtechs and other players,” he said.
Britam will channel the investment through BetaLab over the next four years using a mix of equity and debt financing. According to Wanduga, the insurer expects to contribute between 20 and 30 percent of the planned fund from its own balance sheet while raising the remaining capital from venture capital firms and strategic investors. The blended funding model is expected to increase the pool of capital available to startups while attracting additional investors into Africa’s growing innovation ecosystem.
So far, BetaLab has publicly disclosed one investment after participating in a Sh5 million seed funding round for digital lender Oye in June last year. More investments are expected as the programme expands.
Driving Innovation Across Africa’s Financial Sector
Britam’s investment comes as Kenya continues to lead Africa’s startup ecosystem despite a slowdown in funding following the record investment levels seen in 2024. According to data from the African Private Capital Association (AVCA), Kenyan startups still raised Sh141 billion in 2025, making the country Africa’s largest venture capital destination. Much of that investment has been directed towards fintech, climate technology, agritech and health technology businesses.
The growing importance of startup innovation has also encouraged established financial institutions across the continent to launch corporate venture capital platforms. Britam joins a broader movement that includes South Africa’s Standard Bank, which invests in technology businesses through Shyft Ventures.
By expanding BetaLab from an incubation hub into a venture investment platform, Britam is positioning itself to play a bigger role in shaping the future of financial services.
