Global insurtech firm Democrance enters Saudi with funding from Wa’ed Ventures
Enterprise, Information technology, Uncategorized

Global insurtech firm Democrance enters Saudi with funding from Wa’ed Ventures

Democrance, the global insurtech firm with a mission to make insurance accessible and affordable for those who need it most, announced its expansion strategy in Saudi Arabia following the launch of the company’s Riyadh headquarters.

Supported by investment from Wa’ed Ventures, Saudi Arabia-based venture capital arm of Saudi Aramco, and Global Ventures, the move is designed to support Saudi Arabia’s economic aspirations. Democrance’s Saudi expansion aligns with the principles of the Financial Sector Development Programme, FSDP, a critical part of Saudi Vision 2030 that collaborates with bodies such as the Saudi Central Bank, and the Capital Market Authority, to enhance the country’s financial sector industry.

Democrance helps insurers increase their digital sales and access new customer segments. With its B2B white-label SaaS technology platform, insurance products and digital sales channels can be launched in a few weeks, without impacting any legacy IT system. P&C, Life and Health insurance products are currently supported on the platform. Outside of Saudi Arabia, Democrance is active in 15 other markets in the Middle East, Africa, Southeast Asia, and Latin America.

“The FSDP plays a crucial role in shaping Saudi Arabia’s FSI sector,” said Hussain Almarhoon, Founding Managing Partner of HALA Ventures and Chairman of the newly created regional HQ, Democrance Saudi Arabia.

“Achieving financial inclusion is a global mission and one that is incredibly important to spread in the region. Democrance has shown great potential to elevate available insuretech products, and we are excited to partner with them on their journey to diversify and digitise insurance solutions ” said Mazen Alasnag, Head of Venture Growth at Wa’ed Ventures.

December 17, 2023

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