Middle East’s leading finance comparison platform today announced that it has raised $4.25 from Gulf Insurance Group (gig), which is a Kuwaiti Stock Exchange-listed institution.
yallacompare operates insurance aggregators in the UAE, Kuwait and Egypt and currently employs over 120 people between their Dubai and Egypt offices. The company accounts for over 75 percent of the online insurance sector sales in the UAE and has partnered with Smart Dubai, Etisalat, and National Bonds among others.
Commenting on the investment round, Jon Richards, CEO of yallacompare in a statement earlier today said,
“We are delighted to add gig 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.”
Thanking Gulf Insurance Group for supporting yallacompare amid the Covid-19 crisis, Richards added,
“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.”
gig Group CEO, Khalid Al-Hasan said,
“I would like to congratulate everyone in gig and yallacompare with this new acquisition and expansion. 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.”
Sharing his vision for yallacompare as a stakeholder now, Al-Hasan added,
“gig’s acquisition 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 costumers. 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.”
yallacompare has previously raised funds from Dtec Ventures, STC Ventures, Wamda Capital, and Argo Ventures.