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Leading finance comparison platform scores $8 million from STC Ventures and Wamda Capital

Yallacompare, a Dubai-based comparison platform just raised $8 million in its latest round of funding, led by existing investors STC Ventures and Wamda Capital. The startup has also attracted new investors, Argo Ventures, the investment arm of international insurance company Argo Group.

According to Wamda, Yallacompare will be using the new funds to expand to Egypt by the end of the first quarter of 2019 while also increasing their market share in the UAE and Kuwait.

Jonathan Rawling, Chief Financial Office at yallacompare talks about their platform stating: “Financial comparison websites in the region is still a nascent business.” He adds that there’s a long way to bring offline customers online.

The startup is currently working with insurance companies to automate processes and interaction with customers to encourage them to purchase online.

“It’s growing, we’ve seen four times as many people buying online last year compared to 2017. It’s a confidence thing, it’s a new industry before people spend a lot of money, they might want to hear a voice on the phone. We think we’re changing that and it will continue to improve,” Jonathan states.

Chief Executive Officer at yallacompre, Jon Richards expresses his excitement with their latest funding round. According to him, it represents a ringing endorsement of their direct-to-consumer financial services model. “Of all the potential regional player candidates, Argo Ventures selected us as the clear leader in the market,” he says.

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Startup MGZN