Mantas, a rising insurtech player in the Middle East and Africa (MEA), has reached a major milestone by receiving In-Principle Approval (IPA) from the Dubai Financial Services Authority (DFSA) for a Category 4 licence. Once fully approved, this will allow Mantas to operate as a regulated Managing General Agent (MGA), offering cutting-edge insurance solutions to businesses across the region.
A Step Toward Next-Gen Cyber Protection
The approval strengthens Mantas’ mission to protect cloud-reliant businesses with parametric insurance—a new approach that relies on data and predictive analytics rather than traditional claims processes. The company’s model is designed to turn business downtime into a manageable, predictable event, giving enterprises greater resilience.
When the conditions tied to the in-principle approval are met, the Category 4 licence will authorize Mantas to provide:
- âś… Insurance Intermediation Services
- âś… Insurance Management
First Parametric MGA in MEA
Mantas stands out as the MEA region’s first parametric MGA, pioneering a data-driven method of insurance. By leveraging predictive analytics, the company is building products that support digital service delivery, embedded business models, and real-time protection for enterprises.
The focus is simple: most businesses in MEA rely heavily on cloud infrastructure, yet few have effective protection against outages or failures. Mantas aims to fill this gap by ensuring businesses can continue operating smoothly even during disruptions.
Leadership Perspective
Basil Mimi, Co-founder and CEO of Mantas, emphasized the company’s vision:
“Every business in the MEA region relies on the cloud, yet too few are protected against its failures. Our R&D won’t stop until business disruption is no longer part of the vocabulary.”
Yousef Hamza, Investor and Board Member, highlighted the significance of the DFSA approval:
“Securing in-principle approval marks a pivotal step in Mantas’ journey to redefine cyber risk protection. As digital infrastructure becomes the backbone of modern business, we believe Mantas is uniquely positioned to lead the future of insurtech with precision, trust, and innovation.”
What is Mantas up to?
The name Mantas comes from the Latin word for “security blanket,” reflecting the company’s mission to safeguard digital businesses. Its solutions cater for financial institutions, e-commerce platforms, SaaS providers, and digital-first enterprises.
Key offerings include:
- Parametric cyber insurance for predictable payouts
- Predictive analytics to anticipate and mitigate risks
- Tailored solutions for cloud-dependent operations
With this DFSA approval, Mantas is on track to become a regional leader in cyber risk protection, offering businesses not just insurance but the confidence to scale securely in an increasingly digital economy.