The International Finance Corporation (IFC), a member of the World Bank Group, has led a $17 million investment in South African insurtech Naked. Naked offers motor and home insurance, and allows customers to manage policies through a mobile app.

The investment will help Naked to expand its business across South Africa, as well as invest in technology to improve its product offerings. The company has grown rapidly since its launch in 2018, and currently serves over 200,000 customers.

The IFC's investment is part of its strategy to support innovative fintech and insurtech companies in emerging markets. The IFC has previously invested in other African fintech companies, including payments platform Paga and mobile banking service TymeBank.

Naked is one of a growing number of insurtech companies in South Africa, and is competing with traditional insurers as well as other startups. The company has differentiated itself through its focus on transparency and customer empowerment, allowing customers to track their claims and receive rewards for safe driving.

Overall, the investment from the IFC is expected to help Naked expand its customer base and product offerings, and highlights the growing importance of insurtech in emerging markets.

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