Dubai-Located Healthcare Fintech Startup Klaim Set To Obtain US$30 Million Funding To Scale Across The Region

Dubai-Located Healthcare Fintech Startup Klaim Set To Obtain US$30 Million Funding To Scale Across The Region

November 29, 2022 : UAE-founded fintech company Klaim has raised USD5 million in a seed investment round conducted by Dubai-headquartered venture capital and private equity business Knuru Capital. The funding was accomplished through a securitized financing structure -stated to be one of the foremost of its kind in the UAE- that witnessed Klaim initially obtain an amount of $5 million. The total amount will eventually be boosted to $30 million via a pool of Shari’ah-acquiescent investors.

In 2019, Klaim was designed to solve delayed and rejected insurance claim expenses for medical providers in the UAE. Since its takeoff, the startup has already taken care of claims worth over AED700 million and sustained over 100 medical entities -throughout the UAE and Saudi Arabia- with their operating capital woes. “So far, we have also preserved two healthcare facilities from bankruptcy,” indicates Karim Dakki, co-founder and CEO of Klaim. “One of the major effects [of Klaim’s services] that we have noticed is that our customers become more efficient internally in presenting the claims. We also see time decreased from 30 days for a visit to claim request, to five to 15 days now. Some of them take even shorter than five days. This translates into higher internal efficiencies and reduces investments in working capital and a better grade of healthcare services as the outcome.”

On his role, Alain Dib, CEO of Knuru Capital, stated that this round aligned with his enterprise’s dream of helping fintech companies scale with credentials to smart capital. “This assortment of KLAIM’s claim management software & capital solution will greatly benefit SME healthcare in managing their payments and enhance cash flow management and focus on delivering superiority in healthcare services,” Dib added. And with this fresh inflow of capital, Dakki anticipates to scale Klaim’s services across the country while also familiarizing newer features. “We typically raise two kinds of capital: one is operational capital to grow the company and create the technology, while the other is for purchasing out receivables and injecting them into the sector,” Dakki presents. “So for the first one, our mission is to continue expending a significant amount of revenue in scaling our revenue-related abilities, which are sales and marketing. And then on the technology flank, we want to bring under one umbrella a harmonious platform that can automate most of the back-office functions for health care facilities.” Dakki also suggests that the decisions from this point onwards will need a keen emphasis on new regulatory requirements. “The critical area is the evolution of regulation,” Dakki says. “So far, we’ve been concentrating on business-to-business (B2B) working capital products, but now we plan to upgrade our licenses and start moving forward with a business-to-consumer (B2C) program that will permit us to go into Asia and Africa.”