This investment will allow the Emirati startup to explore smart reconciliation contracts, among other things.
The Middle East region’s first insurance blockchain platform, Addenda, has just closed a six-figure bridge round. It uses distributed ledger technology (DLT) to simplify processes between insurance companies. The company took part in an AB accelerator program, by the Arab Bunk and was funded through the Venture capital fund AB Ventures. This is the second round of funding for Addedna, who had recently had a seed round announced in November of last year.
The platform, founded by brothers Walid and Karim Dib in 2018 has brought in more than seven of the United Arab Emirates’ biggest insurance companies onto the platform, and over 15,000,000 AED in motor accident claims transacted, with more companies expected to get on board this year.
“Even the best blockchain tech is nothing without an actual use case. We’re happy to say that Addenda spent the past two years pioneering what is today a revenue-generating and live blockchain,” shared CEO Walid Dib. He also announced plans to enter new markets, thanks to the AB Venture Capital funding, and will use the amount secured to look into reconciliation smart contracts in other insurance lines, offer tools to identify fraud and focus on data analytics.
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