UAE’s price comparison portal pulls in $10m

Dubai-based Souqalmal.com, the price comparison website for the banking and insurance sector, has pulled in some major investor interest to the tune of $10 million (Dh36.73 million). The new shareholders include GoCompare Group, which operates the UK comparison website GoCompare and is making this its first investment outside of its home market.

“UAE Exchange coming on board immediately puts us in reach to its 15 million customer base, and that definitely extends our market reach,” said Ambareen Musa, CEO of Souqalmal.com, which launched operations in the UAE earlier this decade and then widened its coverage to Saudi Arabia. While its primary focus was comparing fees on multiple products in the banking sector, it has since added motor insurance premium comparisons.

“It’s still very early days for the web-based price aggregator business in this region, and not older than five years,” said Musa. “A handful of players are currently there in the marketplace, and that’s always a good thing at a time when the category is still growing. Not one single operator can grow the category on its own.”

Source Credit: Khaleej Times
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