Souqalmal.com secures $10m in Series B funding
Souqalmal.com will expand its regional footprint with the latest round of funding
Personal finance comparison site, Souqalmal.com, has secured $10m in Series B funding from global investors to expand its regional footprint.
GoCompare Group PLC, which runs the UK comparison site GoCompare, has joined UAE Exchange Group and lead investor Saudi-based Riyad TAQNIA Fund (RTF) in the investments.
Ambareen Musa, CEO & founder of Souqalmal.com said: "The time is now to build on our strong foundation and take the company to the next level. The funding will largely be used to launch new business lines, develop our platform's technology, and invest in marketing to further raise awareness and reach more people.
"However, these partnerships go far beyond funding. GoCompare brings to the table best-in-class expertise and technology; partnering with UAE Exchange gives us fantastic customer reach across the GCC and RTF will help us expand in the Saudi market. We have a powerful shared vision to create a regional platform that will transform people's understanding and purchase of personal finance products."
Adel Al-Ateeq, Acting CEO of Riyad Capital, added: "Souqalmal.com is much more than a comparison website. Financial literacy is a priority for Saudi Arabia and Souqalmal.com can play a leading role in this.
"The company's personal finance services will also help financial products be more accessible for all in the Kingdom and promote innovation in our financial services sector. We are excited to help Souqalmal.com share its expertise and extend its footprint in Saudi Arabia."
Souqalmal.com aims to help consumers to make good personal finance choices by bringing together in one platform the latest deals on more than 3,200 banking, insurance and education products offered by providers in the UAE and Saudi Arabia.