Democrance, the global InsurTech firm with a mission to make insurance accessible and affordable for those who need it most, has announced a bold expansion strategy in Saudi Arabia following the launch of the company’s Riyadh headquarters.
Supported by investment from Wa’ed Ventures, the Kingdom-based venture capital arm of Saudi Aramco, and long-time partner Global Ventures, the move is designed to support Saudi Arabia’s economic aspirations.
Democrance’s Saudi expansion aligns with the principles of the Financial Sector Development Program (FSDP), a critical part of Saudi Vision 2030 that collaborates with bodies such as the Saudi Central Bank (SAMA) and the Capital Market Authority (CMA) to enhance the country’s financial sector industry. Outside of Saudi Arabia, Democrance is active in 15 other markets in the Middle East, Africa, Southeast Asia, and Latin America.
Mr. Hussain Almarhoon, Founding Managing Partner of HALA Ventures and Chairman of the newly created regional HQ of Democrance KSA, said that, “The FSDP plays a crucial role in shaping the Kingdom’s FSI sector. Democrance’s mission to bring insurance to underserved markets and communities makes us an ideal contributor to the program and a key partner in the realization of Vision 2030. Our commitment to the country and the people of Saudi Arabia is absolute and unwavering.”
“Achieving financial inclusion is a global mission and one that is incredibly important to spread in the region. Democrance has shown great potential to elevate available insure tech products, and we are excited to partner with them on their journey to diversify and digitize insurance solutions,” stated Mr. Mazen Alasnag, Head of Venture Growth at Wa’ed Ventures.
Mr. Michele Grosso, Co-Founder and CEO of Democrance, noted that, “The global insurance sector is amid a dramatic surge in digital transformation. Democrance has emerged as the leading B2B InsurTech firm in Saudi Arabia by aligning with SAMA’s vision and that of broader government efforts on Vision 2030. Some of the largest insurers in Saudi Arabia count themselves among our clients because they have seen the value in our mission to digitize insurance processes and increase the sector’s penetration in all levels of society, from digital millennials to low-income families.”