yallacompare has raised $4.25 million from Kuwaiti insurance company Gulf Insurance Group. The investor has acquired a stake in the company, but details are undisclosed. The new capital brings the companies total investment raised to $22.5 million.
Jon Richards & Samer Chehab founded Compareit4me in 2011, this company was later rebranded as Yallacompare. The startup allows users to compare and buy insurance policies online, as well as apply for bank accounts, credit cards, loans and more in nine markets across the Middle East & North Africa. Jon Richards came up with the idea behind yallacompare when he moved to Dubai. The lack of transparency in pricing inspired him to create a website where prices are displayed and compared in a clear way. The insurance aggregator is active in three markets, the UAE, Kuwait, and Egypt. Although, it is most successful in the UAE, where yallacompare claims to have a 75 percent share of online insurance transactions.
Recently, yallacompare announced partnerships with Smart Dubai, Etisalat, National Bonds and others. As a result, the company says it expects to double its market share by the end of 2020.
Gulf Insurance Group (GIG) is an insurance group operating in the MENA region. GIG’s CEO Khalid Al-Hasan said: “GIG’s acquisition in yallacompare is an integral part of GIG’s digitalization 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.”
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