UAE-based Klaim secures $26 million in Series A funding to accelerate insurance claim settlements for healthcare providers
UAE-Based Healthcare Fintech Startup Klaim Secures $26 Million in Funding for Expansion
UAE-based healthcare fintech startup Klaim has announced a successful $26 million funding round, marking a significant milestone in its mission to revolutionise healthcare finance. The funding, led by Saudi-based Mad'a Investment, will be utilised to expand Klaim's operations across the MENA region, particularly in the UAE, Saudi Arabia, and Oman.
Klaim, founded in 2019 by Karim Dakki and Ghafoor Ahmad, addresses a challenge in healthcare finance by accelerating medical insurance claim payments. Traditionally, the payment cycle for claims takes 60-90 days, with insurers taking up to 120 days to pay 90% of submitted claims. However, Klaim enables healthcare providers to access payments within 24 hours of claim submission, a game-changer in the industry.
The fresh capital will not only be used to expand Klaim's operations but also to enhance its technological capabilities and establish new partnerships. One such partnership is with Tharawat Tuwaiq Financial Company, a partner in Klaim's Saudi expansion. Tharawat has secured approval to launch a healthcare private closed-ended financing fund valued at $16 million (SAR 60 million).
Karim Dakki, co-founder and CEO of Klaim, described the Series A funding as a "critical inflection point" that would enable the company to scale rapidly. The expansion strategy after the funding round is centered on three key areas:
- Launching premium healthcare financing channels in the UAE market: Klaim plans to target luxury and premium healthcare brands within the UAE, offering them faster access to payments and streamlined financial services.
- Expanding geographically to key GCC markets, specifically Saudi Arabia, Qatar, and Kuwait: With the funding, Klaim aims to establish a strong presence in these markets, aligning with regional growth priorities in fintech and healthcare innovation within the Gulf.
- Collaborating with regional investors like AlKhair Capital to scale healthcare financing solutions across the Gulf Cooperation Council: Klaim is involved in a partnership with AlKhair Capital aimed at deploying up to $50 million in healthcare financing across the GCC region, signaling a broader regional expansion and deepening of its financial services in healthcare.
The first transaction under this partnership is scheduled for this month, with additional funds expected in the second half of 2025. The funding round also saw participation from CDG Invest, the investment arm of Morocco's Deposit and Management Fund, further broadening Klaim's regional footprint.
This funding round marks a significant step forward for Klaim as it continues to lead the charge in healthcare finance innovation across the MENA region. With its rapid expansion plans and strategic partnerships, Klaim is poised to revolutionise the healthcare finance landscape in the Gulf.
The funding secured by Klaim will not only aid in expanding their operations but also in enhancing their technological capabilities. The startup, focusing on healthcare fintech, aims to revolutionize the industry by launching premium healthcare financing channels in the UAE market, expanding geographically to key GCC markets like Saudi Arabia, Qatar, and Kuwait, and collaborating with regional investors like AlKhair Capital to scale healthcare financing solutions across the Gulf Cooperation Council.
