Saudi Arabia-based fintech company specializing in the insurance and banking technology sector, Rasan has closed its investment of $24 million led by venture capitalist firm Impact46, signaling rising confidence in the diversification of the Kingdom’s economy.
Rasan simplifies user experiences and drives operational digitalization, value-chain transformation and collaboration across the Saudi and regional markets. The financing round marks the first growth stage for Kingdom’s insurtech sector.
The company offers technology solutions to the insurance brokerage and financial services sector, under which comes the recent teaming up with major Saudi banks whereby Rasan’s Treza platform will support the bank’s lease-to-own team for vehicles.
Tameeni, an insurance firm backed by Rasan, offers an instant policy by enabling retail customers to compare insurance prices and coverage, then select and pay for their policy of choice all in one place. It offers comprehensive, third party and other types of vehicle coverage through its system integration layer with over 20 insurance partners. Tameeni also offers health coverage to employees of small and medium-sized enterprises (SMEs).
“Saudi’s Vision 2030 heralds an unprecedented period of economic transformation and prosperity. Rasan is poised to support that by advancing the digitalization of the insurance and financial sectors. This investment from Impact46 is a major milestone on our growth journey, signaling confidence in our research and innovation, and further strengthening our capabilities to build and scale multi-sided platforms as well as improving the customer experience and expanding into new geographical regions.”
Mr. Abdulaziz Alomran, Managing Partner at Impact46, said, “Rasan is firmly strengthening its leading position in the digital technology field. It focuses on insurtech to enable the sector to acquire international stature in experience excellence across both segments, namely companies and end-users. We see a tidal wave of opportunities building up in that space, and Rasan is best-equipped to ride the new trend across our region.”
The new funding round led by Impact46 will advance the development and rollout of new technology products, increase the differentiation of Rasan’s insurtech portfolio, including Tameeni and Treza, and unlock the value of whitespaces across the insurance sector as a whole.