“Can a single API layer become the insurance distribution infrastructure for all of Africa's fast-growing digital platforms?”
Founded in 2021, MyCover.ai (operating as MyCoverGenius Ltd) set out to solve Africa's extremely low insurance penetration (under 3%) by building API infrastructure that lets fintechs, e-commerce platforms, lenders, and logistics companies embed genuine insurance products into their own offerings. Rather than becoming an insurer, the company positioned itself as a neutral aggregator and distribution rail — partnering with licensed African insurance companies and exposing their products via APIs, SDKs, and low-code tools. The Techstars '22 cohort and a $1.25M pre-seed round in 2023 validated the B2B2C infrastructure thesis, and the platform has since expanded to 32+ insurance products across health, auto, travel, gadget, credit life, and more sectors.
MyCover.ai processes payments through Paystack.
MyCover.ai is founded in 2021 and headquartered in Lekki, Lagos, Nigeria.
MyCover.ai has raised $1.4M in total (latest round: Pre-Seed, 2023).
Get a read on where your own stack stands against MyCover.ai and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.