Dubai, United Arab Emirates
Souqalmal.com, the biggest personal finance comparison website in the Middle East, is getting a lot bigger. The company has raised USD 10 million in a Series B investment, notable for both its size and the high profile of the investors for a significant portion of that figure.
GoCompare Group plc, which operates the highly successful UK comparison website GoCompare, joins co-investor UAE Exchange Group (UX Holdings Limited) and lead investor Saudi-based Riyad TAQNIA Fund (RTF), announcing strategic partnerships with Souqalmal.com at a press conference in Dubai this morning.
Souqalmal.com empowers consumers to make the right choice by bringing together on one convenient platform all the latest deals on more than 3,200 banking, insurance and education products offered by providers in the UAE and Saudi Arabia.
Ambareen Musa, CEO & Founder of Souqalmal.com said, “We have been experiencing significant growth in all our markets and our insurance business has increased by 800 percent over the past year. Service optimization and customer focus have also enabled us to slash our customer acquisition cost by 80 percent.
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.“
“GoCompare becomes the first international financial services player to make a strategic investment in a UAE-based Fintech company, following the growing trend we're seeing in other industries, most notably Amazon's acquisition of Souq and Didi's backing of Careem, in e-commerce and transport respectively.” she added.
“We are delighted to be making our first international investment with Souqalmal.com,” said Matthew Crummack, CEO of GoCompare. “It is the clear leader in financial education and personal finance comparison in the Middle East, and is fully aligned with our mission to help people everywhere to save time and money. With a youthful and tech savvy population, the potential for growth in the region is huge and Souqalmal.com is the ideal partner for us here.”
“We are constantly assessing how we can go that extra mile for our customers and we have watched Souqalmal.com’s rapid rise with interest. We have a wide customer base of over 15 million customers, to whom we offer a wide range of services at our stores. They look up to us for the convenience we bring to them by partnering with various service providers. We are happy to associate with Souqalmal.com and are now looking forward to introducing its unique services to this wide customer base across our extensive network.” added Promoth Manghat, Group CEO and Executive Director, UAE Exchange.
“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”, said Adel Al-Ateeq, Acting CEO of Riyad Capital. “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 is the biggest personal finance comparison website in the UAE and Saudi Arabia, allowing users to compare personal finance products such as credit cards, loans, bank accounts and insurance.
Envisioned as a highly transparent marketplace, Souqalmal.com empowers consumers to make the right choice by bringing together on one convenient platform all the latest details on more than 3,200 banking, insurance and education products offered by providers in the UAE and Saudi Arabia.
Since Souqalmal.com launched its insurance aggregator portal in June 2016, it has become the fastest growing retail car insurance platform in the country, offering the widest selection of coverage to UAE residents. With its instant quotes, the platform provides unprecedented levels of ease and convenience for time-crunched residents buying car insurance. Souqalmal.com won “Best Technology Firm” at the 2017 MENA Insurance Awards, which further solidifies the role that it is currently playing in the Insurtech arena. For more information visit: http://www.souqalmal.com
GoCompare is a UK-based comparison website that enables people to compare the costs and features of a wide variety of insurance policies, financial products and energy tariffs.
GoCompare does not charge people to use its services, and it does not accept advertising or sponsored listings, so all product comparisons are unbiased. GoCompare makes its money through fees paid by the providers of products that appear on its various comparison services when a customer buys through the site. GoCompare does not sell its customers’ data.
When it launched in 2006, it was the first comparison site to focus on displaying policy details rather than just listing prices, with the aim of helping people to make better-informed decisions when buying their insurance. GoCompare has remained dedicated to helping people choose the most appropriate products rather than just the cheapest. For more information visit www.gocompare.com and www.gocomparegroup.com
About UAE Exchange Group
UAE Exchange is a leading global money transfer, foreign exchange and payment solutions brand. Established in 1980, today, it is one of the widest accepted global network remittance brands and a pioneer in digital adoption. For more information about UAE Exchange, visit www.uaeexchange.com or www.uxholdings.com
About Riyad TAQNIA Fund
RTF is a venture capital fund founded by Riyad Capital and TAQNIA. It is backed by leading institutional investors in Saudi Arabia and invests in the areas of ICT, Energy & Sustainability and Advanced Materials. RTF led this financing round in Souqalmal and structured the investment terms. For more information, visit www.RiyadCapital.com