The largest personal finance comparison website in the Middle East won over investors from the UK, the UAE and Saudi Arabia.
Souqalmal.com is on a roll. The UAE-based finance comparison platform received US$10 million in Series B investment from UK’s GoCompare, UAE Exchange Group and Saudi-based Riyad TAQNIA Fund (RTF), which previously led Beehive’s Series A round (See Report pg 9). This follows a nine-fold surge in Souqalmal.com’s insurance business according to CEO and founder, Ambareen Musa.
“We have been experiencing significant growth in all our markets and our insurance business has increased by 800% over the past year. Service optimization and customer focus have also enabled us to slash our customer acquisition cost by 80%,” Ambareen revealed.
Over the course of five years since it came to market in 2012, the early-stage venture has amassed over 3,200 Islamic and conventional banking, insurance and education products by providers in the UAE and Saudi Arabia. The fintech firm now has eyes set on bigger things – new business lines, better technology, greater marketing and branding presence.
“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,” shared Ambareen.
This partnership will allow Souqalmal.com access to over 15 million new potential customers through the UAE Exchange and more opportunities in Saudi through RTF which is also facilitating Beehive penetrate the Saudi market. It also signals GoCompare’s first international foray as this is the UK firm’s first ever investment outside of the UK.