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Mon 7 Jan 2019 09:04 AM

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Yallacompare raises $8m in new funding round

Yallacompare expects to issue over $50m worth of insurance policies in 2019

Yallacompare raises $8m in new funding round
Yallacompare CEO Jon Richards.

Comparison site Yallacompare has raised $8 million from a number of VC partners including Wamda Capital and STC Ventures.

The lead investors in the funding round also included FinTech-focused investor Argo Ventures, the early and growth-stage investment arm of insurance carrier Argo Group.

“We are delighted with this latest round of funding, which represents a ringing endorsement of our direct-to-consumer financial services model,” said Yallacompare CEO Jon Richards.

“Of all the potential regional player candidates, Argo Ventures selected us as the clear leader in the market.”

In a statement, Oleg Illichev, the head of Argo Ventures, said that the company believes that “Yallacompare’s goal of educating and simplifying the purchase of financial products aligns nicely with our beliefs.”

“Yallacompare’s management team has done an outstanding job of positioning the business as the leader in this space,” he added.

Since launching as the region’s first insurance comparison platform in 2016, the company has grown substantially and now accounts for 75 percent of all online insurance transactions.

Recently, the company announced a partnership with Smart Dubai to bring insurance aggregation to the ‘Dubai Now’ app.

In 2019, the company expects to issue more than $50 million worth of insurance policies.