yallacompare.com, Egypt and Middle East’s finance comparison site has sold 9.6% stake to Kuwaiti’s Gulf Insurance Group for $4.25 million for regional expansion.
yallacompare CEO Jon Richards said, “We are delighted to add gig as an investor and partner and have big plans for the next few years. I believe that the combination of gig’s regional and industry expertise and yallacompare’s digital capability will combine to deliver innovative products via customer-friendly channels to consumers across the region. ’’
With the investment, yallacompare expects to double its market share by the end of 2020.’ strong competitive market position in Kuwait, Jordan, Bahrain and Egypt
Gulf Insurance Group (gig), one of the top in the region, is confident the deal will return several success stories and prosperity between the two firms, their customers and stakeholders.
Commenting on the acquisition, gig Group CEO Mr. Khalid Al-Hasan said, “gig’s acquisition in yallacompare is an integral part of gig’s digitalisation strategy, which aims to strengthen its digital distribution channels and provide an online gateway for the group to expand its insurance and services reaching out to online costumers. gig is keen to strengthen and develop its digital services and this acquisition is a step for the group in the adoption of digitisation; the characteristic of this era. ’’
yallacompre operates in 9 countries and helps end users to find and compare credit cards, personal loans, mortgages, car loans, insurance and bank accounts, from a diverse range of local and international banks and financial institutions.
yallacompare currently employs over 120 people serving 9 markets. Exisiting investors in yallacompare include; STC Ventures, Wamda Capital, DSO, and New York based Argo Ventures.