Hadiel Coop is pleased to announce a significant equity investment from the Qatar Development Bank (QDB), with support from both the Qatar Fintech Hub and the Qatar Financial Centre. In the current economic landscape, characterized by soaring inflation, unemployment, rising healthcare costs, and insurance premiums, the decision to access essential healthcare services in a timely manner poses a considerable challenge.
This challenge is particularly pronounced in Nigeria and other emerging economies, where the consequences can be fatal. Often, individuals are unable to manage severe health crises due to a lack of funding, or they are forced to rely abruptly on friends and family during medical emergencies and acute illnesses. The informal economy, which accounts for 60–65% of these regions, faces significant barriers as it has traditionally been excluded from insurance coverage.
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The equity investment from the Qatar Development Bank, along with the support of the Qatar Fintech Hub and Qatar Financial Centre, marks a pivotal milestone in advancing Hadiel Coop’s mission. Their mission is to create a health-sharing economy that enables gig-workers, communities, and the informal sector at large to access health protection benefits through innovative technology-driven solutions.
Through this strategic partnership with QDB, Hadiel Coop plans to intensify its efforts to mobilize communities, expand outreach, and enhance member acquisition strategies. Subscribers will gain access to health security and a simplified way to obtain essential healthcare by pooling funds, sharing expenses, and smartly tracking healthcare expenses through a digital web-based application.
Tunde Salako, Co-founder and CEO of Hadiel Coop, expressed his enthusiasm for the road ahead, emphasizing the promising prospects this partnership brings for their health-sharing model, especially for the informal sector. Co-founder and CCO, Osi Akpene, shares the excitement and views this investment as an opportunity to introduce the model to the GCC region while gaining valuable insights.
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The Qatar Financial Centre (QFC) is providing valuable support by leveraging the expertise of ecosystem builders like Lars Gerhmann, Head of QIC DVP, who will contribute his insights and experience to help Hadiel Coop deepen its market penetration in both existing and new markets.
Hadiel Coop is a trailblazing health-sharing platform dedicated to providing communal health protection solutions. Through innovative financial models and strategic partnerships, Hadiel Coop empowers households and communities to access essential healthcare services without the burden of exorbitant medical costs.
The Qatar Development Bank (QDB) plays a pivotal role in driving economic growth in the State of Qatar by supporting entrepreneurs, SMEs, and emerging businesses. QDB’s commitment to fostering innovation and diversifying the nation’s economy aligns with Hadiel Coop’s mission.
The Qatar Fintech Hub is wholly dedicated to promoting fintech innovation and entrepreneurship in Qatar. Through nurturing fintech startups and facilitating partnerships, the center aims to position Qatar as a regional fintech hub, further supporting Hadiel Coop’s vision for technological advancement in the healthcare sector.
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