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UAE: Financial comparison site secures $8m in latest funding round

Source: Middle East Insurance Review | Feb 2019

Yallacompare, a regional financial comparison site for financial products, has raised $8m from existing venture capital partners and a new significant investor in its latest funding round.
 
The lead investors in this round of funding include: STC Ventures, which is managed by Iris Capital; Wamda Capital; and FinTech-focused investor, Argo Ventures, which is the early and growth stage investment arm of tech-forward international insurance carrier, Argo Group.
 
The new funds will be used to grow the workforce by up to 50% as the company seeks to bring insurance aggregation to additional regional markets. Yallacompare currently employs over 120 people serving nine markets.
 
Commenting on Argo’s investment, Mr Oleg Ilichev, head of Argo Ventures, said: “Our mission is to discover and empower entrepreneurs who are reinventing financial services. We believe that yallacompare’s goal of educating and simplifying the purchase of financial products aligns nicely with our beliefs. Yallacompare’s management team has done an outstanding job of positioning the business as the leader in this space. We are excited to help the company expand across the region and offer new financial products to its customer base.”
 
STC Ventures and Wamda Capital are long-term investors in yallacompare, and their participation in this new funding round further demonstrates their belief in the company’s long-term vision.
 
The latest round takes total funding raised in six rounds to date by yallacompare to $17.4m. M 
 
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