KLAIM, a UAE-headquartered fintech that provides medical factoring solutions, has announced the completion of its latest pre-Series A funding round. The firm raised US$1.6 million.
The funding effort was led by Saudi Arabia-based Mad’a Investments. Other participants include Arzan Venture Capital and Wealth Well, as well as existing investor Techstars. Techstars led KLAIM’s seed funding round in December 2020.
Launched in 2019, KLAIM operates a business model which involves buying healthcare claims from providers to help alleviate cash flow problems associated with delayed payouts from insurance firms.
As evidenced by KLAIM’s growing dataset of over 8 million claims, the UAE has a real problem with delayed payouts. The firm claims it takes about 113 days for insurance firms to pay out on 90% of claims. The other 10% are those that run well into a year or more.
With this new capital injection, the UAE-based fintech will pursue market expansion across Saudi Arabia.
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