Myka, a Nigerian fintech startup, has secured an undisclosed amount of pre-seed funding from Ventures Platform and TLcom Capital to digitise the country's insurance distribution pipeline. The investment, announced on June 16, 2026, will be used to develop technology that connects insurance companies with a network of digital agents, aiming to simplify policy sales and management.
The company plans to build a platform that serves as an intermediary, allowing insurers to list their products and enabling a dispersed agent network to sell them using digital tools. Myka's founder, Michael Animashaun, stated that the traditional model of insurance distribution in Nigeria is hampered by manual processes and poor agent management systems. "Our solution digitises the entire value chain, from onboarding and training agents to processing commissions and tracking policy performance," Animashaun said.
Nigeria's insurance sector, while large in potential, suffers from chronic low penetration, estimated at less than 1% of GDP according to industry reports. A significant barrier has been the reliance on outdated, paper-based methods and a fragmented agent network that struggles with efficiency and transparency. Myka's approach targets this specific bottleneck in the value chain, rather than creating a direct-to-consumer retail platform.
The involvement of Ventures Platform and TLcom Capital, two established investors in the African technology landscape, signals confidence in addressing infrastructural gaps within financial services. Both firms have previously backed companies in adjacent sectors such as payments and logistics, which often face similar challenges in digitising legacy systems and building last-mile distribution networks.
The broader African fintech ecosystem has seen sustained investor interest in companies building foundational financial infrastructure, particularly those facilitating cross-border transactions and deepening financial inclusion. While Myka focuses on the domestic insurance market, its model of digitising agent networks echoes strategies used to scale mobile money and other financial services across the continent.
Animashaun indicated that the new capital will primarily fund technology development and initial team expansion. The startup aims to onboard its first insurance partners and begin pilot operations in the coming months, with a focus on proving the efficiency gains for insurers and the earning potential for agents on its platform.