Saudi InsurTech startup, Rasan, which powers Tameeni, has raised $24 million in its latest funding round led by Impact46. This financing round marks the first growth stage InsurTech deal in the Kingdom.
Rasan, as a tech company, simplifies user experiences and drives operational digitalization, value-chain transformation, and collaboration across the Saudi and regional markets. The company provides Tech solutions to the insurance brokerage and financial services sectors, under which comes the recent teaming up with major Saudi banks whereby Rasan’s Treza platform will support the bank’s lease-to-own team for vehicles.
Tameeni, which is powered by Rasan, was established in 2017 as Saudi’s first platform to tackle the InsurTech space. The platform offers instant policy issuance through its ability to engage in real-time across insurance and financial transactions. Through an easy and automated 3-step process: Register, Compare, & Purchase, Tameeni allows users to receive their insurance policies online within seconds.
In light of this market-validating investment Moayad Alfallaj, Chief Executive Officer of Rasan commented “Saudi’s Vision 2030 heralds an unprecedented period of economic transformation and prosperity. Rasan is poised to support that by advancing the digitalization of the insurance and financial sectors. This investment from Impact46 is a major milestone on our growth journey, signaling confidence in our research and innovation, and further strengthening our capabilities to build and scale multi-sided platforms as well as improving the customer experience and expanding into new geographical regions.”
Tameeni works with over 20 insurance partners as an aggregator, the platform allows consumers and SMEs to compare quotes and purchase insurance coverage. Overall, Tameeni has approx. eight million users and serves close to 25,000 leads daily.
Rasan will channel its newly acquired funds towards the development of new technology and products, increasing differentiation for Rasan’s Insurtech portfolio including Tameeni Motor, Tameeni SME Health, and Treza, boost scale opportunities, and unlock the value of whitespaces across the InsurTech sector as a whole.
Abdulaziz Alomran, Managing Partner at Impact46 concluded “We see a tidal wave of opportunities building up in this space and the platform is the best-equipped company to ride this wave in our region. The next phase of growth will likely entail more sophisticated product development activities catering for different types of insurance policies. Insurance companies have Zettabytes of data that are ripe for algorithms to gobble. I can’t think of a better business to benefit from AI more than insurance.’
If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.