The online insurance aggregator and comparison platform sees huge financial injection, courtesy of Kuwait’s Gulf Insurance group.
Founded in 2011, UAE-based YallaCompare (previously branded as CompareIt4Me) has announced its latest funding round, with a massive $4.2 million investment from Kuwait’s Gulf Insurance Group. This follows an $8 million investment led by Wamda Capital and STZ Ventures in early 2019.
Insurance aggregator and comparison platform, YallaCompare allows users to buy insurance policies - among other financial products - online across the MENA region, with particularly high activity in the UAE, Kuwait and Egypt. Kuwait’s Gulf Insurance Group (GIG) is one of the region’s leading private insurers.
“GIG’s acquisition [of stake] in YallaCompare is an integral part of GIG’s digitalisation strategy, which aims to strengthen its digital distribution channels and provide an online gateway for the group to expand its insurance and services reaching out to online customers. GIG is keen to strengthen and develop its digital services and this acquisition is a step for the group in the adoption of digitisation; the characteristic of this era,” says GIG’s CEO, Tareq Abdulwahab Al-Sahaf.
“We are delighted to add Gulf Insurance Group as an investor and partner and have big plans for the next few years. I believe that the combination of gig’s regional and industry expertise and YallaCompare’s digital capability will combine to deliver innovative products via customer-friendly channels to consumers across the region,” adds Jon Richards, Co-Founder and CEO of YallaCompare.
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