Egypt and the Middle East’s finance comparison site yallacompare has raised $4.25 million through the sale of a 9.6% stake to Kuwaiti’s Gulf Insurance Group.
With a workforce of 120 people, yallacompre runs in 9 countries and helps end-users to find and compare credit cards, personal loans, mortgages, car loans, insurance and bank accounts, from a diverse range of local and international banks and financial institutions.
Jon Richards CEO, yallacompare
“We are delighted to add gig as an investor and partner and have big plans for the next few years. I believe that the combination of gig’s regional and industry expertise and yallacompare’s digital capability will combine to deliver innovative products via customer-friendly channels to consumers across the region.’’
With the current stake sales and subsequent cash infusion, yallacompare expects to multiply its market share by the end of 2020 and earn a strong competitive market position in Kuwait, Jordan, Bahrain and Egypt
Gulf Insurance Group (gig), one of the top in the region, is positive that the deal will yield several success stories and success between the two firms, their customers and stakeholders.
Commenting on the acquisition, gig Group CEO Mr. Khalid Al-Hasan said,
Khalid Al-Hasan, CEO – gig Group
“gig’s acquisition in yallacompare is an integral part of gig’s digitalisation strategy, which aims to strengthen its digital distribution channels and provide an online gateway for the group to expand its insurance and services reaching out to online costumers. gig is keen to strengthen and develop its digital services and this acquisition is a step for the group in the adoption of digitisation; the characteristic of this era.’’
STC Ventures, Wamda Capital, DSO, and New York based Argo Ventures are Existing investors in yallacompare.
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