Yallacompare, the Middle East’s leading comparison site for financial products, has raised $4.25 million from Kuwaiti insurance company Gulf Insurance Group. GIG has acquired a stake in the company. This follows an $8 million investment led by Wamda Capital, STZ Ventures and New York-based Argo Ventures in early 2019, making the company’s total investment raised to date $22.5 million.
The finance comparison site operates insurance aggregators in the UAE, Kuwait and Egypt and currently employs over 120 people between their Dubai and Egypt offices.
Founded in 2011 by Jon Richards & Samer Chehab, yallaCompare became a leading company in digital insurance sales in the UAE. Through its platform, consumers can compare and buy insurance policies online, as well as apply for bank accounts, credit cards, loans, cars and more in nine markets across the MENA region.
YallaCompare recently announced partnerships with Smart Dubai, Etisalat, National Bonds among others, leading to expectations of a double market share by the end of 2020.
“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.