Yasmina, an embedded insurance platform based in Riyadh, has secured USD 2 million in seed funding to expand insurtech across the MENA region.
The investment round was led by Scene Holding and co-led by Access Bridge Ventures, with participation from Arzan VC and Sanabil Investment Accelerator by 500 MENA.
This comes at a time when the MENA embedded finance market is projected to grow from USD 11.2 billion in 2024 to USD 37.7 billion by 2029, representing a compound annual growth rate of 30.1%. Additionally, the rapid expansion is part of a global trend, with the worldwide insurance market expected to grow from USD 100 billion in 2024 to USD 243.69 billion by 2030.
Growing interest in financial services
Additionally, research indicates that 64% of SMEs in the region have expressed interest in financial services integrated into digital platforms, such as the offerings provided by Yasmina.
Founded in 2023, Yasmina integrated insurance services into digital platforms using API technology. This enables businesses to offer insurance options during checkout while ensuring regulatory compliance and implementation within 48 hours.
Key features of Yasmina’s platform include:
- Plug-and-play API integration;
- Customisable protection products;
- Automated underwriting;
- Optimal checkout embedding.
Yasmina is establishing partnerships across various sectors, including HR, automotive, POS, travel, and real estate, to create an essential ecosystem for scaling in this rapidly evolving market.
Importance of regulatory approval
The insurtech market in the Middle East and Africa, valued at USD 76.88 million in 2024, faces substantial regulatory challenges. Therefore, securing early regulatory approval is important for market expansion.
Yasmina’s achievement of full regulatory approval in Saudi Arabia represents a significant step in a region where regulatory complexities continue to pose a challenge for insurtech companies.
According to the company, Yasmina plans to expand to the UAE in 2025 and Egypt in 2026.
