Saudi-based tech startup Rasan closes $24mln funding round

Rasan, a Saudi-owned fintech and insurtech company, has successfully raised SR90 million ($24 million) in its latest funding round, MAGNiTT reported.
Rasan will spend the money on developing new technology and products, and increasing differentiation for Rasan’s InsurTech portfolio including Tameeni Motor, Tameeni SME Health, and Treza.

The investment will also enable Rasan to build and scale multi-sided platforms and expand into new geographical regions, MAGNitt said.

The financing round was led by Impact46, a Saudi asset manager and advisor focused on alternative investment opportunities. The funding marks the first growth stage InsurTech deal in the Kingdom.