Ivalua, a global leader in spend management, today announced that, after a comprehensive selection process, Hiscox, an international specialist insurer, has selected Ivalua’s full, Source-to-Pay (S2P) solution to digitalise its global procurement operations.

With over 1.5 million retail customers across the UK, Europe, Asia and the USA, Hiscox offers a range of specialist insurance products in both commercial and personal lines.  Internationally traded, bigger ticket business and reinsurance is underwritten through Hiscox London Market and Hiscox Re & ILS.

As part of its strategic procurement transformation, Hiscox identified the need for a SaaS-based end-to-end S2P solution to provide its procurement teams with greater control over their standard sourcing, purchasing, and invoicing activities.

Ivalua’s unified, S2P solution will consolidate multiple, disconnected systems into a single platform for onboarding suppliers, generating purchase orders, and processing invoices. Around 3,000 users from Hiscox will manage all company spend with over 4,000 suppliers through Ivalua’s full S2P solution working in parallel the insurer’s ERP system. 

Hiscox will be able to streamline key procurement processes, such as invoice automation, while also improving user adoption thanks to simplified processes and a consistent user experience.

Additionally, the level of transparency provided by Ivalua will encourage the development of a diverse supplier base, as it will allow Hiscox to proactively monitor a range of key criteria, including ESG-related factors while feeding these insights into the company’s ongoing supplier management roadmap.

Karl Poulsen, Group Chief Procurement Officer at Hiscox, commented: “We are delighted to be working with Ivalua and looking forward to a step-change allowing us to drive up spend under management and gain greater granularity and speed of procurement data to drive efficiency and savings across the Group.”

“Our unified solution will provide Hiscox with greater transparency and control across the entire S2P process, facilitating the adoption of a truly holistic approach to manage supply chain risk and deliver continuous improvement,” said Dan Amzallag, Ivalua’s Chief Operating Officer (COO). “We look forward to digitally transforming Hiscox’s procurement operations”.

• 23.06.2023 -- 11:13 am

Agel, a pioneer in Egypt’s FinTech landscape, is the nation’s first and only provider of Sharia-compliant financial solutions.

Established in October 2021 by co-founders Abdelrahman Saeed and Ahmed El Sherbiny, Agel is on a mission to reshape traditional financial services in Egypt.

The company has recently closed a seven-digit pre-seed investment round. The round saw participation from several leading MENA-focused venture capital firms, including Plus Venture Capital (+VC), Seedstars International Ventures, Flat6Labs, and SEEDRA Ventures. Banque Misr Acceleration Program and prominent angel investors also joined the round.

Agel’s core objective is to transform traditional financial services and offer alternative, Sharia-compliant financing options to Egypt’s Micro, Small, and Medium Enterprises (MSMEs). The company’s product portfolio includes digital, cashless, and customised financing products such as Murabaha, a cost-plus financing model that aligns with Islamic principles.

With the fresh capital, Agel plans to scale its operations, deepen its product capabilities, and extend its services to major cities across Egypt. Additionally, the company is poised to evolve into a licensed non-banking financial institution and accelerate advanced product development.

Agel also plans to launch a merchant co-branded banking card service in collaboration with Abu Dhabi Islamic Bank (ADIB), among other value-added services. This growth strategy aligns with Egypt’s 2030 vision of financial inclusion and supports the United Nations’ Sustainable Development Goals (UN Global, SDG).

In its first operational year, Agel successfully penetrated the $15bn annual textiles industry in Egypt by establishing a vast suppliers’ network. The company’s innovative approach includes empowering merchants with needed financing to acquire goods and supplies on-credit from its network of suppliers.

Furthermore, Agel aids suppliers by enabling them to sell on-credit and manage their commercial transactions effortlessly through its App. Moving forward, Agel aims to diversify its offerings into other lucrative industries that contribute $85bn annually.

Agel CEO Abdelrahman Saeed celebrated the funding success saying, “We are proud to be backed by prominent regional investors, who offer not only financial support but also invaluable industry knowledge and experience. Their confidence in our business model will enable us to reach our objectives and take our operations to the next level.”

Adding to the excitement, Hasan Haider, Managing Partner at +VC commented: “We are excited to have invested in Agel, which has great potential for growth…we look forward to supporting them as they cement their position as pioneers in the Islamic FinTech space.”

• 23.06.2023 -- 10:38 am