Advising GoCompare on investment in Souqalmal
10 Oct 2017
Simmons & Simmons advises GoCompare on investment in Souqalmal.com
GoCompare.com Group, which operates a leading UK price comparison website www.GoCompare.com, has agreed to acquire a minority stake in Dubai-based FinTech company Souqalmal.com (Souqalmal), the leading digital comparison business in the Middle East.
International law firm Simmons & Simmons acted on behalf of GoCompare, successfully advising the comparison website on its first overseas investment in the Middle East. The Simmons & Simmons team in the Middle East was led by partner James Coleman with assistance from supervising associate Christopher Boyes and associate Noor Al Heialy.
Souqalmal allows customers in the UAE and Saudi Arabia to make informed purchasing decisions by helping them compare over 3,000 products, including banking and insurance. The business has grown 300% annually since 2012 and the company is ranked at 21 on Forbes Middle East’s list of the Top 100 Startups In The Arab World 2017.
With the investment, Souqalmal has raised USD 10m Series B funding to expand its presence and increase its offline service offering in the region, with GoCompare joining the funding round. The round is led by Saudi Arabia’s Riyad TAQNIA Fund and includes foreign exchange and money remittance company UAE Exchange.
GoCompare.com client partner Colin Bole commented: “We are thrilled to have helped new client GoCompare.com with their investment in Souqalmal.com. It’s a fantastic example of our London and Dubai corporate and FinTech teams working together with the team at GoCompare.com to deliver a strategically important transaction.”
James Coleman commented: "GoCompare.com’s participation in Souqalmal is one of the first material investments to be made by a UK financial services player in a UAE-based FinTech company, with the Series B round resulting in Souqalmal becoming one of the top funded start-ups in the UAE and benefitting from key strategic investment. The international FinTech team at Simmons & Simmons is very pleased to have supported GoCompare.com on this significant transaction in the UAE market.”