Root offers insurance APIs and a low-code digital insurance platform that sit on top of insurers so businesses and developers can build, integrate and launch insurance products into websites, chatbots and mobile apps. The company began with programmable bank accounts and cards but has since made insurance APIs its core offering. Root primarily targets non-insurance companies (telcos, retailers and banks) and affinity insurance players; clients include Mr Price Money, FinChoice, Telkom, Metropolitan, Sanlam and Guardrisk. Its platform has processed millions of policies and thousands of claims each month. Root generates revenue via subscription licensing fees priced by client size and complexity, and it also handles compliance and customer reach channels for its customers. With the new funding, Root plans to roll out its flexible low-code platform into other markets, particularly Europe, while keeping a large part of its team in South Africa.

Total raised

$3M

Funding rounds

1

Latest round

Seed

Latest activity

Nov 2021