Lami
Kenyan API platform letting apps and banks embed insurance policies across Africa.
On the record
Checkpoint: FSD Africa's 3iF fund portfolio picks, which will show if investors still back Lami
The call
Lami built real plumbing into African insurance but has gone quiet on funding and new logos while better-funded AI rivals and the underwriters it depends on both move into its territory.
Lami sells software that helps African insurance companies approve policies faster by automating paperwork and decision-making. It built relationships with 15+ insurers and distribution partners like Jumia and Stanbic, which makes it harder to replace overnight. But the company has not raised new money in over three years, its customer numbers have not grown since 2021, and well-funded AI competitors like Pace (which raised $46 million) and Curacel are now selling the exact same automation to the same insurers, while big incumbents like Jubilee Insurance are building their own AI tools instead. The one thing that could prove Lami is still alive and competitive is a new funding announcement in the next 6 to 12 months; without one, the company is likely stalled for good.
Why
01
AI pressure: Sixfold, Pace, Curacel. AI-native rivals with $30M-46M raised sell the same underwriting and claims automation, faster and better capitalized than Lami. Could AI do the core job? Yes, likely.
02
Bigger players: Jubilee Insurance, Britam, Madison, Pioneer. Underwriters Lami depends on are building in-house automation; Jubilee's 2026 AI Challenge win points toward cutting out the middleman. Could a giant copy it? Probably.
03
What protects it. Existing regulatory licensing and live integrations with 15+ underwriters and partners like Stanbic, Jumia, and Sendy that took years to wire up.
What would change this call
Lami announces a priced Series A ($10M+) within 12 months. Would show investors still believe in its moat despite 3+ years of silence.
FSD Africa's 3iF fund (launching ~Jan 2026) includes or excludes Lami from its portfolio picks. Would signal whether African fintech investors still see Lami as fundable.
Jubilee, Britam, or Pioneer publicly launch in-house AI underwriting tools. Would show underwriter partners are replacing Lami's core service internally.
FSD Africa's 3iF fund (launching ~Jan 2026) includes or excludes Lami from its portfolio picks. Would signal whether African fintech investors still see Lami as fundable.
Jubilee, Britam, or Pioneer publicly launch in-house AI underwriting tools. Would show underwriter partners are replacing Lami's core service internally.
Key numbers
- $5.5M total raised, last round Aug 2022
- 5,000+ policies sold, 25+ underwriters, from 2021
- No new funding for 3+ years, per CB Insights
Named risks
- No new funding round since August 2022, over three years of fundraising silence.
- Collapsed Bluewave Insurance Agency acquisition (announced Feb 2022, failed by Dec 2023) signals strategic instability.
- Well-capitalized AI-native rivals (Sixfold $30M, Pace $46M) targeting identical underwriting and claims workflows.
- Incumbent underwriters like Jubilee Insurance building in-house AI automation, reducing need for intermediary platforms.
- No proprietary data or tech moat identified; relationships and licensing are replicable by competitors.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Curacel | contesting | AI-powered claims automation and fraud detection targeting same African insurtech niche, as of Feb 2026 |
| Sixfold | gaining on | Raised $30M for AI Underwriter product targeting underwriting automation, reported 2026-02-02 |
| Pace | gaining on | Raised $46M Series B for AI agents covering underwriting, claims, renewals, reported 2026-02-02 |
| Pula | losing to | Raised $20M Series B led by BlueOrchard, 3.6x Lami's lifetime funding, reported 2026-02-26 |
| Jubilee Insurance | gaining on | Incumbent underwriter topped AI Challenge at InsurTech Forum Nairobi, 2026-06-22, building own automation |
Questions people ask
- Is Lami profitable in 2026?
- No audited revenue has been disclosed by Lami. Third-party estimates exist but are unverified aggregator figures, not company statements. The Kenyan insurtech has raised no new funding since its $3.7M seed extension closed August 2, 2022, and shows no public profitability claim as of 2026.
- Has Lami raised any new funding recently?
- No. Lami's last disclosed round was a $3.7M seed extension led by Harlem Capital on August 2, 2022, bringing cumulative funding to roughly $5.5M. As of a February 2025 snapshot, trackers flagged Lami's fundraising momentum as quiet with no recent growth signals.
- Who are Lami's main competitors?
- Lami competes with African insurtechs Curacel, Turaco, and Octamile, plus better-funded AI-native players like Sixfold ($30M raised) and Pace ($46M Series B, reported February 2, 2026) targeting the same underwriting and claims automation workflows Lami sells via API.
- Could AI replace what Lami does?
- Lami's core business, automating underwriting and claims via API, is exactly what AI-native rivals Sixfold, Pace, and Panora are building with far larger war chests ($30M, $46M, $5M respectively, reported February 2, 2026). No source shows Lami has shipped a comparable AI feature as of mid-2026.
- Who owns Lami Technologies?
- Lami is privately held and venture-backed, founded in 2018 by Jihan Abass, an Oxford MBA and former commodities trader. There is no parent company; investors include Accion Venture Lab and Harlem Capital from its 2021 and 2022 funding rounds respectively.
- Did Lami's acquisition of Bluewave Insurance Agency happen?
- No. Lami announced plans to acquire Bluewave Insurance Agency in February 2022, but TechCrunch reported on December 7, 2023 that the deal collapsed and never closed, signaling strategic instability at the company.
Timeline
- 2026-06-22Jubilee Insurance tops AI Challenge at InsurTech Forum Nairobi, an incumbent underwriter building in-house automation
- 2026-02-26Techpoint roundup lists Lami among insurers with no new named partners or GWP figures since 2022
- 2026-02-02Trade press notes AI-native rivals Sixfold, Pace, Panora raising $30M, $46M, $5M for same workflows
- 2025-11-26FSD Africa announces $25-30M Inclusive Insurtech Investment Fund at BimaLab Nairobi summit
- 2025-02-21Caplight snapshot flags Lami funding momentum as quiet with no recent growth signals
- 2023-12-07Lami's planned Bluewave Insurance Agency acquisition reported collapsed, never closed
- 2022-08-02Lami raises $3.7M seed extension led by Harlem Capital, cumulative funding ~$5.5M
- 2022-02Lami announces plan to acquire Bluewave Insurance Agency
- 2021-05-04Lami raises $1.8M seed round led by Accion Venture Lab
- 2020-01-25Jihan Abass launches Griffin, Kenya's first fully digital car insurance app
Revision history
23 July 2026
First assessed. Protection under test. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- 26-year-old Kenyan woman unveils country's first digital car insurance (2020-01-25)
- Kenya's Lami raises $1.8M to scale API insurance platform across Africa (2021-05-04)
- Insurtech Lami raises $3.7M seed ext led by Harlem Capital (2022-08-02)
- Valuation, Funding Rounds & Stock Price (2025-02-21)
- Kenyan insurtech Lami's bid to acquire Bluewave collapses (2023-12-07)
- Lami Technologies Company Profile
- Digital insurance offers security for underserved communities in Africa (2024-07-10)
- Kenya's Lami technologies raises $3.7m, plans expansion (2022-08-02)
- Top 6 insurance startups in Africa transforming coverage (2026-02-26)
- Lami Technologies - Overview
- Wikipedia entry (Jihan Abass)
- Top Lami Alternatives, Competitors