Rasan raises $24 million for its Tameeni insurance platform
- Saudi Arabia-based insurtech startup Rasan has raised SAR 90 million ($24 million) for its Tameeni platform in a round led by Impact46, marking the first growth stage insurtech deal in the kingdom.
- Founded in 2016, Rasan provides technical solutions to insurance brokerage and financial services sector. Among its offerings is Tameeni, a platform that offers insurance policies online.
- Tameeni currently works with 20 insurance partners as an aggregator and allows users to compare quotes and purchase insurance coverage.
- The investment will be used to develop Rasan’s technologies and products, expand and “increase differentiation for Rasan’s insurtech portfolio including Tameeni Motor, Tameeni SME Health and Treza” according to Alfallaj.
Rasan, the technology company powering Tameeni – the first insurtech platform in Saudi Arabia – closes an investment of 90 million SAR led by venture capitalist firm Impact46. This financing round marks the first growth stage insurtech deal in the Kingdom.
Rasan, as a tech company, simplifies user experiences and drives operational digitalisation, value-chain transformation and collaboration across the Saudi and regional markets. The company provides technical solutions to insurance brokerage and financial services sector, under which comes the recent teaming up with major Saudi banks whereby Rasan’s Treza platform will support bank’s lease-to-own team for vehicles.
Tameeni, which is powered by Rasan, established in 2017 the Saudi’s first platform to tackle the insurtech space. The platform offers instant policy through its ability to collaborate in real-time across insurance and financial interactions. Through an automated & easy 3-step process: Register, Compare, & Purchase, Tameeni allows users to receive their insurance policies online within seconds.
Tameeni works with over 20 insurance partners as an aggregator, the platform allows consumers and SMEs to compare quotes and purchase insurance coverage. Overall, Tameeni has approx. eight million users and serves close to 25,000 leads daily.
Moayad Alfallaj, Chief Executive Officer of Rasan, said: "Saudi’s Vision 2030 heralds an unprecedented period of economic transformation and prosperity. Rasan is poised to support that by advancing the digitalisation of the insurance and financial sectors. This investment from Impact46 is a major milestone on our growth journey, signalling confidence in our research and innovation, and further strengthening our capabilities to build and scale multi-sided platforms as well as improving the customer experience and expanding into new geographical regions."
This infusion of capital will support the development of new technology and products, increase differentiation for Rasan’s insurtech portfolio including Tameeni Motor, Tameeni SME Health and Treza, boost scale opportunities and unlock the value of whitespaces across the insurTech sector as a whole.
Abdulaziz Alomran, Managing Partner at Impact46, said: "We see a tidal wave of opportunities building up in this space and the platform is the best equipped company to ride this wave in our region. The next phase of growth will likely entail more sophisticated product development activities catering for different types of insurance policies. Insurance companies have Zettabytes of data that are ripe for algorithms to gobble. I can’t think of a better business to benefit from AI more than insurance.''