Dubai - Mubasher: Dubai-based comparison website Yallacompare has raised $8 million in its newest funding round, led by STC Ventures and Wamda Capital. The platform has also attracted Argo Ventures, the investment arm of international insurance company Argo Group.
The new funds will be used to expand Yallacompare’s footprint in Egypt by the end of the first quarter of 2019, alongside increasing the firm’s market share in the UAE and Kuwait, Yallacompare said in a statement.
“Financial comparison websites in the region [are] still a nascent business,” said Jonathan Rawling, chief financial officer at Yallacompare, adding that “there is still a long way to go in bringing offline customers online.”
The Dubai-based company is currently cooperating with insurance firms to automate more processes and interactions with customers.
In May 2017, Yallacompare raised $3.5 million in funding.
“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,” Rawling added.
