Gulf Insurance Group acquires stake in yallacompare for $4.25 million
yallacompare.com, one of the Middle East’s leading finance comparison site, has been funded by Kuwait’s Gulf Insurance Group (GIG) with a 9.6% stake in the parent company, valued at $4.25 million. GIG’s acquisition in yallacompare is an integral part of its digitization strategy, which aims to strengthen its digital distribution channels and provide an online gateway for the group to expand its insurance and online customers.
GIG is amongst the largest and most diversified insurance groups in the Middle East and North Africa region. It is one of the leading private insurers (by gross premiums written) with a strong competitive market position in Kuwait, Jordan, Bahrain and Egypt. The company is keen to strengthen and develop its digital services and this acquisition is a step for the group in its digitization strategy.
yallacompare operates insurance aggregators in the UAE, Kuwait and Egypt and currently employs over 120 people between their Dubai and Egypt offices. Since its launch in 2011, it has built a dominant position in digital insurance sales in the UAE, accounting for more than 75% of online insurance transactions. Having recently announced partnerships with Smart Dubai, Etisalat, National Bonds and many others, the company says it expects to double its market share by the end of 2020.
Commenting on the acquisition, GIG Group CEO, Khalid Al-Hasan said: “I would like to congratulate everyone in gig and yallacompare with this new acquisition and expansion. I am confident that this partnership will return several success stories and prosperity between gig and yallacompare as well as our valuable customers and stakeholders."
Previous investors in yallacompare include STC Ventures, Wamda Capital, DSO, and New York-based, Argo Ventures.