Saudi FinTech, InsurTech Rasan Secures $24M

Saudi FinTech and InsurTech startup Rasan has secured $24M in its latest funding round led by Impact 46, a Saudi asset manager and advisor.

This funding round accelerated growth in the InsurTech domain in the KSA.

Founded in 2015, Rasan aims to disrupt Tech solutions to the insurance brokerage and financial services sectors through its platforms Tameeni Motor, Tameeni SME Health, and Treza.

Rasan’s Tameeni Motor was established in 2017 as Saudi’s first authorized and licensed online insurance aggregator in Saudi Arabia by the Saudi Central Bank.

The platform offers instant policy issuance through its ability to engage in real-time across insurance and financial transactions.

The investment will enable Rasan to build and scale multi-sided platforms and expand into new geographical regions.

Rasan participated in the GITEX Global 2021, through innovative insurance and finance solutions.

GITEX Fintech Surge 2021 reveals disrupting ideas across banking, wealth management, insurance & regulation. GITEX hosts its annual exhibition at the Dubai World Trade Centre.

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.”