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UAE: Financial comparison website raises $10 mln

Source: Middle East Insurance Review | Nov 2017

United Arab Emirates InsurTech

UAE-based comparison site Souqalmal.com has raised US$10 million in a series B investment round. The funding will largely be used to launch new business lines, develop its platform’s technology, and invest in marketing to further raise awareness and reach more people.
 
   The round was led by the Saudi-based Riyadh TAQNIA Fund and saw participation from UK comparison site GoCompare in its first international investment and UAE Exchange Group.
 
   Souqalmal said it would use the proceeds to launch new business lines, including health, travel and home insurance, develop its technology platform and invest in marketing. 
 
   The company currently offers comparisons of 3,200 banking, insurance and education products in the UAE and Saudi Arabia.
 
   Ms Ambareen Musa, CEO and founder of Souqalmal.com, said: “We have been experiencing significant growth in all our markets and our insurance business has increased by 800% over the past year. Service optimisation and customer focus have also enabled us to slash our customer acquisition cost by 80%. The time is now to build on our strong foundation and take the company to the next level.”
 
   She said that the plan is for the comparison site to ultimately become a MENA player, starting in the GCC.
 
   Souqalmal.com currently competes with Dubai-based comparison site compareit4me, which raised $3.5 million in a funding round in May. M 
 
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