Wahed secures USD 25 mln in investment round

Thursday 11 June 2020 13:54 CET | News

US-based fintech Wahed, a digital Islamic investment platform, has closed a USD 25 million investment round led by Saudi Aramco Entrepreneurship Ventures.

Existing investors BECO and CueBall Capital also participated, as well as Dubai Cultiv8 and Rasameel. According to TechCrunch, the funds will be used to expand internationally, including developing the company’s subsidiary in Saudi Arabia.

The platform is currently running in the US and UK. It plans to grow in the largest Muslim markets, including Indonesia, Nigeria, India, and the CIS. The company has already received a license to operate in Saudi Arabia and aims to get regulatory approval in 20 countries.

In October 2020, Wahed launched in Malaysia after the Malaysian Securities Commission awarded the company the country’s first Islamic Robo Advisory license. The company is also considering listing its Islamic ETF on the Saudi stock exchange.

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Keywords: Halal, fintech, startup, Wahed, Saudi Aramco, digital, Islamic, BECO, CueBall Capital, Dubai Cultiv8, Rasameel, Saudi Arabia, US, UK, Indonesie, Nigeria, India, CIS, Malaysia, Malaysian Securities Commission, Islamic Robo Advisory, Islamic ETF
Categories: Banking & Fintech
Countries: United States
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Banking & Fintech

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