Naked Insurance
“Can a structurally unconflicted, AI-native digital insurer convert Africa's vastly underpenetrated short-term insurance market?”
Founded2018
HQJohannesburg, South Africa
FoundersAlex Thomson, Sumarie Greybe, Ernest North
Total raised~$66M
Latest round$38M (2025)
IndustryFintech / Insurtech
The story
Founded in 2018 by ex-Alexander Forbes/short-term insurance veterans, Naked launched as a fully digital, AI-powered personal lines insurer in South Africa, underwritten by Hollard. Its differentiator is a structural one — a flat-fee business model where leftover premiums fund customer-chosen causes, removing the conflict between insurer profit and claims payouts. The company has steadily expanded from car to home, contents, building, single-item, and pet insurance, and the 2025 $38M round positions it to deepen AI-driven underwriting and claims automation.
Product timeline
2018
Naked launched in South Africa offering app-based car insurance· launch
2021
Raised $11M Series A led by Naspers; expanded into home & contents· funding
2023
Raised $17M Series B led by IFC to scale digital insurance offering· funding
2025
Raised $38M growth round to drive AI-powered expansion· funding
Regulated entities
FSP (Authorised Financial Services Provider)
South Africa (FSCA)
Naked Financial Technology (Pty) Limited
The stack
Accounting gap: none