UAE-based fintech startup, KLAIM, on Tuesday, announced that it has raised $1 million in its seed funding round in which TechStars and a group of strategic regional investors participated. The company is planning to deploy the fresh capital towards expanding deeper in the UAE and further taking its operations to Saudi Arabia by H1 2021.
Founded in Q4 2019 by Karim Dakki, Ghafoor Ahmad and Meriem Tamarzizt, KLAIM is a software as a service (SaaS) fintech platform that helps healthcare providers minimise their revenue losses due to delayed and rejected payments from insurance companies and predict cash flows by streamlining the medical billing processes.
Speaking of the development, Dakki, CEO of KLAIM, in a press statement said,
“Our goal is to improve the quality of the medical care you are receiving. It is fairly shocking to see that healthcare providers have to wait up to six months to get paid for the services they deliver to us,” he said. “When healthcare providers are limited by unpredictable cash flow, they are unable to pay highly qualified professionals, reducing the quality of the medical care we all receive. Yes, it’s impacting the providers, but indirectly it’s impacting every one of us.”
The company aims to become the leading one-stop-shop for a specialized healthcare payment network.