Saudi embedded insurance coverage platform Yasmina raises $2 million seed to assist companies promote protection through APIs 

Riyadh-based embedded insurance coverage platform Yasmina has raised $2 million in a seed funding spherical led by Scene Holding, with participation from Entry Bridge Ventures, Arzan VC, and early backing from Sanabil Funding Accelerator by 500 MENA, it introduced at this time.

Based in 2023 by Masoud Alhelou and Bashar Abalkhail, Yasmina positions itself as Saudi Arabia’s first embedded insurance coverage platform, enabling digital companies to supply insurance coverage merchandise instantly at checkout by means of API integration that may be accomplished in beneath 48 hours.

In line with its web site, the startup has demonstrated vital early traction, facilitating over 500,000 insurance policies and dealing with 67+ on-line companies and insurance coverage firms since launch. The platform claims to have established partnerships throughout HR, automotive, journey, point-of-sale, and actual property platforms, with these collaborations anticipated to convey embedded insurance coverage protection to over 1.5 million prospects.

Yasmina’s platform permits companies to earn income with each coverage bought at zero value to them, whereas the corporate handles all backend operations together with regulatory compliance, coverage administration, and claims processing. Companions can customise the insurance coverage expertise to match their model and mechanically present related merchandise based mostly on person conduct and cart information.

The corporate has secured notable partnerships, together with with automotive platform Syarah.com for embedded motor insurance coverage and varied e-commerce platforms for checkout safety. In line with buyer testimonials, integration occasions vary from in the future for digital motor insurance coverage to inside per week for extra complicated implementations.

Yasmina plans to make use of the newest funding to develop past Saudi Arabia, starting with the UAE this 12 months and Egypt in 2026. The corporate additionally intends to scale its crew and improve its know-how platform to assist extra insurance coverage merchandise and use instances.

“This spherical is a powerful vote of confidence in our imaginative and prescient to simplify insurance coverage throughout digital touchpoints,” mentioned Masoud Alhelou, Yasmina’s co-founder and CEO. “We’re proud to be the primary embedded insurance coverage platform in Saudi Arabia, and this funding will assist us scale sooner, serve extra companions, and redefine how safety is obtainable within the area.”

The embedded insurance coverage mannequin permits companies to earn income with each coverage bought whereas Yasmina handles backend operations together with regulatory compliance and claims processing. The corporate studies having facilitated over 450 insurance policies by means of its accomplice community since industrial launch.

Sultan Ghaznawi, Chairman & Managing Director of Scene Holding, mentioned: “Yasmina’s API-first mannequin and regulatory momentum place it on the intersection of Insurtech, fintech and safety, an area we consider will outline the subsequent wave of worth creation throughout MENA.”

Rakan AlRashed, Companion at Entry Bridge Ventures, famous the “untapped potential of Saudi’s Insurtech panorama,” positioning Yasmina as a possible breakout participant available in the market.

Hasan J. Zainal, Arzan VC’s Founder & Managing Companion, famous that Yasmina’s crew is “uniquely positioned to drive innovation on this sector” due to their understanding of the regional insurance coverage panorama.

The startup’s platform permits prospects to buy insurance coverage with out leaving their main digital platform, addressing friction factors within the historically paper-heavy insurance coverage business.

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