World's first Islamic fintech start-up raises $8m funding
New York-based Wahed Invest raises funds for global expansion
Wahed Invest, a New York-based investment platform and the first fintech Islamic Economy start-up, has raised $8 million in a bid to expand globally in markets including the UAE.
The firm valued at $100m received its latest funding from existing investors including Middle East-based BECO Capital as well as Boston-based Cue Ball Capital. Its latest round brings its total funding to over $15 million since its establishment.
Wahed Invest is the first halal digital investment advisor, allowing customers to invest in a global portfolio of ethically-responsible stocks, sukuk and gold with as little as $100.
Founder and CEO Junaid Wahedna said the start-up aims to lead innovation in the growing Islamic Finance sector and provide a non-lending based savings solution to the 1.5 billion Muslims worldwide.
Amir Farha, co-founder and managing partner at BECO Capital said, "Wahed Invest is fast outpacing traditional incumbents and driving innovation in a sector that lags behind. We are very bullish on the vision and strategy that Wahed Invest is pursuing both in the UAE, the wider region and globally, and look forward to supporting Wahed Invest as they pioneer the industry through technology."
"I'm delighted at the progress and speed at which Wahed Invest is expanding. [It] represents the quintessential Islamic markets opportunity; an addressable audience of 1.5 billion, 62% of which are under the age of 30 and a rapidly rising middle class, who demand convenient, on-demand digital tools for financial services that are aligned with their values, but at the same time contemporary in functionality and use," he said.
To ensure that all products are halal, in accordance with Islamic principles, Wahed Invest has a full-time Ethical Review Board.