yallacompare, a Dubai, UAE-based comparison site for financial products, raised $8m in funding.
The round was led by STC Ventures, which is managed by Iris Capital; Wamda Capital; and FinTech-focused investor Argo Ventures, the early- and growth- stage investment arm of tech-forward international insurance carrier Argo Group (NYSE: ARGO).
The new funds will be used to grow the workforce by up to 50% as the company seeks to bring insurance aggregation to additional regional markets.
Led by Jon Richards, CEO, yallacompare provides a platform for consumers to compare and buy insurance policies online, as well as apply for bank accounts, credit cards, loans, cars and more in nine markets across the MENA region.
Since launching the region’s first insurance comparison platform in 2016, the company has built a dominant position in digital insurance sales in the UAE, accounting for more than 75% of online insurance transactions.
Having recently announced the partnership with Smart Dubai (a Dubai Government initiative) to bring insurance aggregation to the Dubai Now app, the company expects to issue more than $50m of policies in 2019.
yallacompare currently employs over 120 people serving 9 markets.