South African FinTech start-up raises $2 million

Digital insurance distributor Hepstar has received $2 million in funding from UK-based technology investor Amadeus Capital Partners.

Amadeus Capital Partners’ investment into Hepstar is provided for by their Digital Prosperity Fund, which is backed by the MTN Group.

With the new funding, the company will expand its global reach, accelerate development, and grow its brand.

Hepstar was founded in 2013 to address the need for e-commerce companies, airlines and travel companies in particular, to maximize revenue from ancillaries.

“The global airline ancillary opportunity is around $60 billion. We can help our partners make up to 30% of their net revenues from insurance ancillaries”, said Hepstar CFO Brett Dyason.

Over the last year, the company has grown its presence to include Africa, the Middle East, Europe, and Australia.

Hepstar clients include CarTrawler, South African Airways, ClickBus, IATI, Flightsite, and Travelstart.

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South African FinTech start-up raises $2 million