Souqalmal.com Raises $10 Million Series B
Financial comparison platform Souqalmal.com announced today a $10 million Series B round led by Saudi Arabia’s Riyad TAQNIA Fund. The round included foreign exchange and money remittance company U.A.E. Exchange, and U.K.-based financial comparison site GoCompare.
“This is a massive landmark for Souqalmal.com,” said Ambareen Musa, the platform's chief executive. “We’re the third company in the region to bring in a strategic international player so it proves a couple of things: one that the region is starting to attract international players to start operations here and test the market and two that these players are choosing investment acquisition to get into the market, which is phenomenal.”
Matthew Crummack, chief executive of GoCompare, said the company chose Souqalmal.com for its first overseas investment because “it is the clear leader in financial education and personal finance comparison in the Middle East”. “With a youthful and tech savvy population, the potential for growth in the region is huge and Souqalmal.com is the ideal partner for us here,” he added.
Ms Musa also said that the partnership with UAE Exchange would see Souqalmal.com introduce an offline presence for the first time and the tie up with RTF would open up the Saudi market as Souqalmal.com looks to become the first insurance aggregator operating in the country.
Today, Souqalmal.com is one of the most funded fintech startups in MENA, with a total of $14.5M, after having raised $300,000 in 2012 and $1.2m in 2014 from the Antwerp-based venture capital firm Hummingbird Ventures. Over the past year, souqalmal’s insurance business has increased by 800 per cent, and the platform has optimized its product, slashing its customer acquisition cost by 80 per cent. Musa plans to use the latest investment to grow the brand, amp up the company’s marketing, and expand in the region, first within the GCC and then across MENA.