Riyadh-based embedded insurance platform Yasmina has secured US$2 million in seed funding.

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.

Founded in 2023 by Masoud Alhelou and Bashar Abalkhail, Yasmina integrates insurance services into digital platforms using API technology.

This allows businesses to offer insurance options during checkout. It also ensures regulatory compliance and implementation within 48 hours.

The funding will be used to expand Yasmina’s team and operations beyond Saudi Arabia.

The company plans to enter the UAE later this year and Egypt by 2026.

🔗 Source: Yasmina

🧠 Food for thought

1️⃣ MENA embedded finance surge creates first-mover advantage for Yasmina

Yasmina’s $2M seed funding comes at a strategic moment as the MENA embedded finance market is projected to grow from $11.2 billion in 2024 to $37.7 billion by 2029, representing a compound annual growth rate of 30.1%1.

This rapid expansion is part of a global trend, with the worldwide embedded insurance market expected to grow from $100 billion in 2024 to $243.69 billion by 20302.

As Saudi Arabia’s first embedded insurance platform, Yasmina is positioning itself to capture significant market share before competition intensifies.

The timing is particularly advantageous as 64% of SMEs in the region have expressed interest in financial services integrated into digital platforms, indicating strong demand for Yasmina’s API-first solution3.

By securing early partnerships across multiple sectors (HR, auto, travel, POS, and real estate), Yasmina is establishing the ecosystem connections that will be crucial for scaling in this rapidly evolving market.

2️⃣ Strategic partnerships becoming essential for insurtech success

Yasmina’s approach of forming strategic partnerships across multiple sectors reflects a proven growth strategy in the embedded insurance space.