United Arab Emirates company Klaim secures $26 million in Series A funding for expediting insurance claims payments within the healthcare sector
In a significant move for the healthcare industry in the Middle East and North Africa (MENA) region, UAE-based startup Klaim has secured $26 million in funding. This investment will propel Klaim's expansion across the region, aiming to address key challenges in healthcare finance and insurance digitization [1][3].
Founded in 2019 by Karim Dakki and Ghafoor Ahmad, Klaim is a healthcare fintech startup that accelerates medical insurance claim payments. The funding round was led by Saudi-based Mad'a Investment, with participation from CDG Invest, the investment arm of Morocco’s Deposit and Management Fund, and other undisclosed investors [2].
Klaim's mission is to simplify complex healthcare insurance policies and streamline claims through tech-driven models, addressing critical pain points in the regional insurance landscape. The startup acts as a digital enabler, helping insurers digitize their offerings, enabling employers to manage group health plans more efficiently, and assisting healthcare providers with faster claims settlement processes [3].
By leveraging advanced digital claim management technologies, Klaim aims to drive greater healthcare insurance adoption. The startup's innovative approach has enabled healthcare providers to access payments within 24 hours of claim submission, significantly reducing the typical 60-90 days payment cycle [2].
The capital raised will be used to enhance Klaim's technological capabilities and establish new partnerships. One such partnership is with AlKhair Capital, which targets deploying up to $50 million in healthcare financing. This partnership leverages AlKhair Capital’s strategic position within Dubai’s International Financial Centre (DIFC), providing regulatory compliance, access to international markets, and operational flexibility to facilitate cross-border activities in the GCC and broader MENA region [1][3].
Klaim's expansion plans focus on the UAE, Saudi Arabia, and Oman, with the startup's Saudi expansion being facilitated through a collaboration with Tharawat Tuwaiq Financial Company [1]. The startup's goal is to enhance healthcare financing solutions by leveraging Sharia-compliant investment frameworks and digital innovations to streamline healthcare claims and improve financial access in the region.
References: [1] Zawya. (2023). Klaim secures $26m in funding to expand healthcare fintech services across MENA. Retrieved from https://www.zawya.com/mena/en/business/story/Klaim_secures_26m_in_funding_to_expand_healthcare_fintech_services_across_MENA-PXGX2GY [2] Arabian Business. (2023). UAE's Klaim raises $26m to accelerate medical insurance claim payments. Retrieved from https://www.arabianbusiness.com/companies/407593-uaes-klaim-raises-26m-to-accelerate-medical-insurance-claim-payments [3] Gulf Business. (2023). Klaim raises $26m to accelerate medical insurance claim payments. Retrieved from https://gulfbusiness.com/klaim-raises-26m-to-accelerate-medical-insurance-claim-payments/
Klaim's expansion plans involve entering the business sector of various countries in the MENA region, utilizing advanced technology to digitize healthcare finance and insurance. By establishing strategic partnerships like the one with AlKhair Capital, Klaim aims to improve financial access in the region, blending Sharia-compliant investment frameworks with digital innovations.
