Souqal­ Raises $10M Se­ries B

Arabnet - The Quarterly - - Industry Stories -

Fi­nan­cial com­par­i­son plat­form Souqal­ an­nounced a $10M Se­ries B round led by Saudi Ara­bia’s Riyad TAQNIA Fund. The round included for­eign ex­change and money re­mit­tance com­pany U.A.E. Ex­change, and U.k.-based fi­nan­cial com­par­i­son site Go­com­pare. Matthew Crum­mack, chief ex­ec­u­tive of Go­com­pare, said the com­pany chose Souqal­ for its first over­seas in­vest­ment be­cause “it is the clear leader in fi­nan­cial ed­u­ca­tion and per­sonal fi­nance com­par­i­son in the Mid­dle East”. “With a youth­ful and tech savvy pop­u­la­tion, the po­ten­tial for growth in the re­gion is huge and Souqal­ is the ideal part­ner for us here,” he added. The part­ner­ship with UAE Ex­change would see Souqal­ in­tro­duce an off­line pres­ence for the first time and the tie up with RTF would open up the Saudi mar­ket as Souqal­ looks to be­come the first in­sur­ance ag­gre­ga­tor op­er­at­ing in the coun­try. To­day, Souqal­ is one of the most funded fin­tech star­tups in MENA, with a to­tal of $14.5M, af­ter hav­ing raised $300K in 2012 and $1.2M in 2014 from the An­twerp-based ven­ture cap­i­tal firm Hum­ming­bird Ven­tures. Over the past year, souqal­mal’s in­sur­ance busi­ness has in­creased by 800%, and the plat­form has op­ti­mized its prod­uct, slash­ing its cus­tomer ac­qui­si­tion cost by 80%. Musa plans to use the lat­est in­vest­ment to grow the brand, amp up the com­pany’s mar­ket­ing, and ex­pand in the re­gion, first within the GCC and then across MENA.

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