Saturday 30 May 2020
Dubai-based yallacompare.com, one of the Middle East’s leading finance comparison sites, has been funded by Kuwait’s Gulf Insurance Group (GIG) with a 9.6 percent stake in the parent company, valued at USD 4.25 million. GIG’s acquisition in yallacompare is an integral part of its digitization strategy, which aims to strengthen its digital distribution channels and provide an online gateway for the group to expand its insurance and online customers.
GIG is among the largest and most diversified insurance groups in the Middle East and North Africa region. It is one of the leading private insurers (by gross premiums written) with a strong competitive market position in Kuwait, Jordan, Bahrain, and Egypt. The company is keen to strengthen and develop its digital services and this acquisition is a step for the group in its digitization strategy.
yallacompare operates insurance aggregators in the UAE, Kuwait, and Egypt and currently employs over 120 people between their Dubai and Egypt offices. Since its launch in 2011, it has built a dominant position in digital insurance sales in the UAE, accounting for more than 75 percent of online insurance transactions. Having recently announced partnerships with Smart Dubai, Etisalat, National Bonds, and many others, the company says it expects to double its market share by the end of 2020.
Previous investors in yallacompare include STC Ventures, Wamda Capital, DSO, and New York-based Argo Ventures.