yallacompare, the UAE-based insurance aggregator, has secured new funding of $4.25 million from Gulf Insurance Group (GIG). The investment results in the Kuwaiti stock exchange listed GIG to acquire a sizeable stake of the financial technology (fintech) company.
Launched in 2011, yallacompare became a leading company in digital insurance sales in the UAE, accounting for more than 75 per cent of online insurance transactions. The company, part of Wamda's investment portfolio, recently announced partnerships with Smart Dubai, Etisalat, National Bonds among others, leading to expectations of a double market share by the end of 2020.
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.
“We are delighted to add GIG as an investor and partner and have big plans for the next few years,” said Jon Richards, chief executive officer (CEO) at yallacompare. “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.”
“We are all too aware of how fortunate we are to bring in fresh capital at this time and we very much appreciate the courage that GIG have shown to invest in yallacompare in this turbulent economic climate,” he continued.
GIG is hailed as one of the largest and most diversified insurance groups in the Middle East and North Africa (Mena) region with a strong competitive market position in Kuwait, Jordan, Bahrain and Egypt.
“I am confident that this partnership will return several success stories and prosperity between gig and yallacompare as well as our valuable customers and stakeholders. 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,” said Khalid Al-Hasan, GIG Group CEO
Wamda Capital is an existing investor in yallacompare. Previous investors include STC Ventures, DSO and New York-based Argo Ventures.