Yallacompare raises $8m in new funding round
New capital will be used to increase workforce to target new markets
Financial product comparison site yallacompare has raised $8m in a new funding round.
The new round was sourced from existing VC investors, STC Ventures and Wamda Capital, along with new investor Argo Ventures, the investment arm of insurance carrier Argo Group.
The new funds will be used to grow yallacompare's workforce by up to 50%, as the company seeks to bring insurance aggregation to additional regional markets.
Since launching the region's first insurance comparison platform in 2016, yallacompare has built a dominant position in digital insurance sales in the UAE, accounting for more than 75% of online insurance transactions. The company recently announced a partnership Smart Dubai to bring insurance aggregation to the Dubai Now app, which will push it to a total of $50m of policies issued in 2019.
"We are delighted with this latest round of funding, which represents a ringing endorsement of our direct-to-consumer financial services model," remarked Jon Richards, CEO, yallacompare. "Of all the potential regional player candidates, Argo Ventures selected us as the clear leader in the market.''
Oleg Ilichev, Head of Argo Ventures, commented: "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."