Yallacompare Raises $4.25m From Kuwait-listed Gulf Insurance Group

Finance comparison site Yallacompare.com has raised $4.25 million of capital from Kuwait-listed Gulf Insurance Group (gig), the company has announced.

Yallacompare currently accounts for more than 75 percent of online insurance transactions in the UAE.

Following partnerships with Smart Dubai, Etisalat, National Bonds and others, the company says it expects to double market share by the end of the year. It also operates insurance aggregators in Egypt and Kuwait.

“We are delighted to add gig as an investor and partner and have big plans for the next few years,” said Yallacompare CEO Jon Richards. “I believe that the contribution 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.”

“We are all too aware of how fortunate we are to bring in fresh capital at this time and we very much appreciate the courage that gig have shown to invest in yallacompare in this turbulent economic climate,” Richards added.

Previous investors in yallacompare include STC Ventures, Wamda Capital, DSO and New York-based Argo Ventures.