With funding from Wa’ed Ventures and existing investor Global Ventures, the InsurTech company aims to further democratize insurance, aligning with the principles of the Financial Sector Development Program.
Democrance has announced a bold expansion strategy in the Kingdom of Saudi Arabia (KSA) following the launch of the company’s Riyadh HQ. This move is backed by investment from Wa’ed Ventures, Saudi Aramco’s venture capital arm, and aims to contribute to Saudi Arabia’s economic development goals. Democrance’s expansion in Saudi Arabia is in line with the Financial Sector Development Program (FSDP), a key component of Saudi Vision 2030. FSDP collaborates with organizations like the Saudi Central Bank (SAMA) and the Capital Market Authority (CMA) to strengthen the nation’s financial sector industry.
“The FSDP plays a crucial role in shaping the Kingdom’s FSI sector. Democrance’s mission to bring insurance to underserved markets and communities makes us an ideal contributor to the program and a key partner in the realization of Vision 2030. Our commitment to the country and the people of Saudi Arabia is absolute and unwavering,” said Hussain Almarhoon, Founding Managing Partner of HALA Ventures and Chairman of the newly created regional HQ, Democrance KSA.
“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 digitize insurance solutions,” said Mazen Alasnag, Head of Venture Growth, Wa’ed Ventures.
“Democrance exemplified this when we first decided to invest and has continued to do so two years later on its mission to reshape the frontier market of InsurTech. It is fitting that the company’s next chapter will be written in Saudi Arabia as the Kingdom transforms its FSI sector,” said Medea Nocentini, Senior Partner, Global Ventures.
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.
