Rasan Concluded SR90 mln Investment Deal

Rasan, the technology company powering Tameeni – the first InsurTech platform, in Saudi Arabia – concluded an investment of SR90 million, led by venture capitalist firm Impact46. This financing round marks the first growth stage InsurTech deal, in the Kingdom..

The company provides technical solutions to insurance brokerage and financial services sector, under which comes the recent teaming up with major Saudi banks whereby Rasan’s Treza platform, will  support bank’s lease-to-own team for vehicles.

Tameeni, which is powered by Rasan, established, in 2017, the Saudi’s first platform to tackle the insurtech space.

The platform offers instant policy through its ability to collaborate, in real-time across insurance and financial interactions.

That would take place through an automated & easy 3-step process: Register, Compare, & Purchase, Tameeni allows users to receive their insurance policies online within seconds.

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.

“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,” Moayad Alfallaj, Chief Executive Officer of Rasan said

The infusion of capital will support the development of new technology and products, increase 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.

“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,” Abdulaziz Alomran, Managing Partner at Impact46 said

• The investment is the first and largest of its kind in the region’s InsurTech secTT
• It fuels Rasan’s evolution and the growth of Tameeni, simplifying digital innovations and advancing sector’s sustainable growth
• Since 2017, Tameeni has attracted 8+ million users and serves close to 25,000 leads every day

Rasan, the technology company powering Tameeni – the first InsurTech platform, in Saudi Arabia – concluded an investment of SR90 million, led by venture capitalist firm Impact46. This financing round marks the first growth stage InsurTech deal, in the Kingdom.

N.B.

About Rasan

Founded in 2016, Rasan is the Saudi-owned technology company behind the pioneering InsurTech platform Tameeni and other leading FinTech platforms.

Rasan has proven capabilities in building customized tech solutions and scaling multi-sided platforms by simplifying the user experience and driving operational digitalization, value-chain transformation and cross-sector collaboration across Saudi Arabia and the wider region.

Since 2017, Tameeni Motor, Tameeni SME Health and other platforms have attracted approx. eight million users at a daily traffic rate close to 25,000 leads.

Tameeni offers an instant policy by enabling retail customers to compare insurance prices and coverage, then select and pay for their policy of choice all in one place.

The three-step online journey takes just two minutes to complete and is warranted by full backend system integration with insurers and related service providers.

The result is substantial time-saving for users as well as significant process simplification and operational cost reduction for insurers.

About Impact46 

Impact46, which runs a diverse asset portfolio valued at SR1.2 billion, supports various-stage technologist art-ups and aims to foster the Saudi ecosystem, navigate the new investment era, and accelerate start-up reach across MENA.

Impact46 has so far invested in more than 20 tech start-ups at various growth stages, across an array of economy sectors.