Dubai-based insurance and loan comparison company Souqalmal has closed a $10m Series B round of funding.
The equity financing was led by Riyad TAQNIA Fund, and saw participants including GoCompare and UAE Exchange. As part of the investment, UK price comparison website GoCompare acquired a minority stake within the company.
Souqalmal helps to compare more than 3,000 banking and insurance products. Through the website a user can compare credit cards, personal and home loans, insurance policies and bank accounts. Currently used within in the UAE and Saudi Arabia, the company has seen an annual growth of 300 per cent, since 2012.
With this capital injection the company is planning to expand its presence and boost its offline services with in the region.
Last month Dubai-based InsurTech platform Democrance scored an $800,000 investment round from group of investors, which included Jabbar Internet Group, Eos Venture Partners and Turn8.
The Middle East & Israel FinTech sector has not seen a lot of transactions compared to the rest of the world. Within the region, Israel has dominated the funding, after only Jordan and UAE also saw deals in the space last year.
While there is this lack of funding, The Bahrain Economic Development Board and FinTech Consortium formed a partnership last week to create a new FinTech hub for the region. The companies have set up Bahrain FinTech Bay to help support FinTech startups within the Middle East and Africa, another region which has lacked capital support.
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