Contxto – Following exclusive correspondence, we recently learned that Banregio’s CEO, Manuel Rivero Zambrano, has invested US$300 thousand into Mexican Insurtech provider, Mango Life. The seed round will propel the startup’s growth and strengthen its presence in Mexico.
Mango Life is looking forward to expanding throughout Mexico following the investment round completion. With its innovative and advanced UX, the company’s objective is to prove to consumers the benefits of purchasing and managing online insurance.
To accomplish this, the Insurtech business will offer services to SMEs to further develop its reach. Some of these partners have reportedly implemented a beta version to test the waters.
Funds will also go towards launching simplified digital health insurance plans, which would increase Mango Life’s portfolio to three products. These include life insurance, retirement savings, and soon to be health insurance.
Founded by CEO Maik Schaefer in 2018, Mango Life is Mexico’s first digital platform offering life insurance and retirement savings plans. The startup expedites the application process for insurance holders with its automatic system and rapid quotes.
In other words, Mango Life cuts down on wasteful paper trails, long waiting times for approval, not to mention confusion. The new funds will help improve their processes, setting a post-money valuation of US$2.1 million.
“The investment on behalf of Manuel Rivero now raises Mango Life’s value to US$2.1 million and reflects our commitment to offering more human, digital and simple insurances,” said Schaefer.
Mango Life is currently participating in the second generation of StartupBootcamp Scale FinTech in Mexico City. Finnovista chose the Insurtech group to participate after reviewing over a hundred applications.
Now, Mango Life is receiving valuable mentorship and participating in workshops. Soon enough, it will eventually present at the Demo Day in front of potential investors.
Fellow insurance carrier Insignia Life also supports Mango Life. Previously, the National Commission for the Protection and Defence of Financial Service Users (CONDUSEF) rated Insignia as one of the most transparent providers in Mexico.