Founded in 2012, Dubai-based Souqalmal – which means “money market” in Arabic – is the fastest growing financial comparison site in the Middle East, enabling consumers to compare credit cards, personal loans, insurance plans, mortgages, mobile phone plans, and car loans. With active operations in Saudi Arabia, Kuwait and the UAE, the company is led by founder and CEO, Ambareen Musa, who was selected as an Endeavor Entrepreneur at ISP 63 in Dubai in March 2016.

GoCompare Group, which operates the popular UK comparison site GoCompare, also joined this funding round, marking the 3rd international strategic player in a matter of months to invest in a UAE-based start-up, following Amazon’s acquisition of Souq.com, the region’s largest e-commerce venture, for $580m in March, and DiDi Chuxing’s investment in the Middle East’s leading ride-sharing service, Careem, in August. Existing investors Hummingbird Ventures (London), Banca Sella (Milan), and 500 Startups (Silicon Valley) are also participating in this round. Souqalmal.com previously raised a total of $4.5M across its Angel (Dec 2012), Seed (Dec 2013), and Series A (Aug 2015) financing rounds.