Morni Holding, a Saudi-based financial technology firm, has announced its successful investment in the Egyptian insurtech startup, Helpoo. EXITS MENA, a leading provider of investment services in the financial technology sector in Egypt and the Middle East, facilitated the deal. The investment is part of Morni Holding’s long-term plan to invest $10 million in the Egyptian market by 2030.
Helpoo is an integrated tech-enabled service application that provides timely, high-quality motor vehicle insurance inspections, insurance claim management, and road assist services in Egypt. The company aims to set new service standards in the field of Inspection and Damage Assessment for Motor Vehicles and Road Rescue Services, becoming the leading partner for insurance companies. Helpoo is the only company with its type of license and approval provided by the Financial Regulatory Authority (FRA).
Morni Holding, launched in 2015, offers a diverse range of products, including an electronic auction platform, the first third-party administrator of motor claims licensed by the Saudi Central Bank, and the first end-of-vehicle-life facility in the MENA region aimed at environmentally friendly disposal of vehicles with zero waste. With the advisory of EXITS MENA, Morni Holding is implementing its expansion strategy to tap into the region’s Vehicle Roadside Assistance & Automotive Services Market.
read also Proparco Invests $5M in DisrupTech to Fund Egyptian Fintech Startups
The investment in Helpoo reflects the growing need for strategic alliances to drive growth plans in the region’s startup ecosystem. The funding will help Helpoo strengthen its market footprint, expand operations, and generate revenue streams through new product line extensions. Morni Holding will also provide Helpoo with technical and strategic support through ongoing consultations, training, and exchange of expertise.
According to the EY MENA M&A Insights 2022 report, the MENA region saw unprecedented M&A activity in 2022 with 754 deals, a 13% growth in deal volume over 2021. This acquisition aligns with EXITS MENA’s mission to expand investment services to startups and SMEs in the MENA region through its automated platform and Morni Holding’s mandate for geographic expansion across the region and in Egypt.
read also Proparco Invests $5M in DisrupTech to Fund Egyptian Fintech Startups
Salman Alsahibany, Morni’s Founder & Chief Commercial Officer, stated that the investment in Helpoo Egypt is a substantial opportunity to penetrate a highly unsaturated market like Egypt and allows them to expand their service offering across the entire region. EXITS MENA will continue to work with Morni Holding to develop their expansion strategy in the sector of Roadside Assistance and Automotive services in Egypt, as outlined in their expansion plans to invest $10 million by 2030.
Helpoo insurance Helpoo insurance
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard