No. of locations 2 CEO Phiwa Nkambule Headquarters Sandton, South Africa Country of origin South Africa | Area served Worldwide Industry FinTech Founded 2015 | |
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Services Insurance Crowdfunding, Risk Assessment, P2P Insurance Slogan(s) Insurvation for happier insurees. Motto Insurvation for happier insurees. | ||
Riovic is a South African multinational FinTech company founded by Phiwa Nkambule. It owns and operates an online platform that connects consumers with financial advice, investment opportunities, and insurance companies. Riovic Corporation was incorporated in 2015 and is headquartered in Sandton, South Africa.
In September 2015 the company officially launched a money transfer service called RiovicPay to help people access cross-border money remittance services on holidays and after hours. It then released the its on-demand platform for financial services, labeled the Uber of Finance in November 2015. The platform provided financial advisers, crowd investing and Peer-to-peer insurance.
In 2016 the company became the Lloyd's of FinTech and successfully launched this revised model to eliminate insurance brokers and companies in the underwriting process by directly connecting risk managers and risk underwriters. Also labelled the "Uber of Insurance", Riovic pioneered "private investor backed insurance" where a private investor (or group of private investors) essentially steps into the financial shoes of the insurer, accepting a stream of certain cash flows in exchange for an uncertain future liability.
Riovic has a collaboration with New Zealand’s PeerCover and was admitted into South African Rand Merchant Investment Holdings' (RMIH) incubator for next generation financial services companies (similar to Level39), which provides the company with working space. It is also a member of Facebook's FBStart accelerator programme.
In April 2016, it got nominated as the only insurtech company in the African FinTech Awards and also go listed on the African FinTech 100 list.