The latest round of funding for Souqalmal.com has been named the Cross Border Deal of the Year 2017 by ‘The Islamic Finance News’ Awards. The global awards honor the best in the Islamic financial industry and are a representation of the current Islamic financial market landscape.
The transaction funds the growth of operations in the UAE and planned expansion into Saudi Arabia, where the company has entered into an MoU to launch a branch which would be regulated by the Saudi Arabian Monetary Authority.
Ambareen Musa, CEO, Souqalmal.com explained the importance of Cross Border deals and said, “With cross border deals, there’s not just the funding angle, but the potential for businesses to unlock new opportunities in new geographies.
Our Series B funding and strategic partnerships will allow us to explore new avenues for growth. With RTF being the lead investor, one of our primary objectives is to expand our footprint in Saudi Arabia. We’re also looking forward to investing in our technology, and making the most of the technological know-how brought in by our international strategic partner, GoCompare.”
Further, Ambareen spoke about the business growth and added, “The investment could not have come at a better time. Souqalmal is performing better than ever, and we’ve built a solid foundation for the business. Our insurance business has grown by 800 percent in the last twelve months alone. We’ve also focused on service optimization, which has helped us slash our customer acquisition cost by 80 percent.”