Expands Footprint in Saudi Arabia after closing a funding round led by Wa’ed Ventures
Summary
24 October 2023: Democrance, the global InsurTech firm with a mission to make insurance accessible andaffordable for those who need it most, today announced a bold expansion strategy in the Kingdom of SaudiArabia following the launch of the companys Riyadh HQ. With its B2Bwhite-label SaaS technology platform, insurance products and digital sales channels can be launched in afew weeks, without impacting any legacy IT system. Democrance has emerged as the leading B2B InsurTechfirm in Saudi Arabia by aligning with SAMAs vision and that of broader government efforts on Vision 2030.Some of the largest insurers in Saudi Arabia count themselves among our clients because they have seen the value in our mission to digitize insurance processes and increase the sectors penetration in all levels ofsociety, from digital millennials to low-income families. The business is a B2B data-enabled, white-label SaaS plug-and-play technology platform that digitises the sales and distributionverticals of the insurance value chain for emerging market segments. Democrance is present in 16 marketsacross the Middle East, Africa, South-East Asia, and Latin America with offices in Saudi Arabia, United ArabEmirates, Kenya, Japan, Ghana, India and Pakistan.