Insurtech Mango shuts down due to current situation in Russia

Mango Techsurance , a Russian insurance startup founded in 2018, is shutting down.

The company provided the following comment in a message that was taken from their website and loosely translated: ‘Mango says goodbye… From September 1, the entire insurance portfolio will be managed by our partner AlfaStrakhovanie. Don’t worry, all annual subscriptions will work as usual until the end of the paid period.’

The company further shared that Mango is a project financed by Alfa Group , and in the current situation, its investors decided to stop any further work and to unite the entire business under the AlfaStrakhovanie brand.

We last covered the company in February when it expanded to accident insurance, in addition to its existing home, renters and pet insurance products. Mango reportedly had around 32k customers at the time.

Bottom Line: There are many modern brands that had insurance backing but failed. But given the circumstances, this one is distinct.