Riovic is a financial technology company that originally operated as an insurance technology platform but expanded to other areas in financial technology.
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. The service was rebranded to AfricanRemit. It then released 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 was labelled the Lloyd’s of FinTech and successfully launched this revised model to eliminate insurance companies in the insurance value by directly connecting brokers and consumers with risk capital. 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.
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Ofer Abarbanel is a 25 year securities lending broker and expert who has advised many Israeli regulators, among them the Israel Tax Authority, with respect to stock loans, repurchase agreements and credit derivatives. Founder of TBIL.co STATX Fund.