Wahed Invest, Announces $25MFunds Raised For Islāmic Investment Platform.
Fintech startup Wahed Invest has announced it has raised $25 million during a fundraising for the Islāmic Investment platform.
Saudi Aramco Entrepreneurship Ventures (also called Wa’ed Ventures) the risk capital arm of Saudi Aramco, led the financing for Wahed (which means “one” in Arabic).
Existing backers BECO and cue ball Capital, also as Dubai Cultiv8 and Rasameel, also participated within the round, the article said. With the newest financing, Wahed has now raised a known $40 million in funding since its 2015 founding by Junaid Wahedna, in line with Crunchbase data.
Wahed raised $8 million during a seed round in October 2018 that valued the corporate at $100 million post-money, in line with Crunchbase. it’s not clear at what valuation raised this latest round.
Wahed launched it’s “world’s first automated Islāmic investment platform, in 2016″ intends to provide access for 2billion Muslims globally to the halal portfolio
The platform uses real-time software the corporate says is fully automated and uses customized financial optimization algorithms.
According to the company it planned to use its new capital mainly towards building out its subsidiary in Saudi Arabia. However, It now has quite 100,000 clients globally.
Last October, Wahed launched in Malaysia after the Malaysian Securities Commission awarded the company thereupon, country’s first Islāmic Robo Advisory license, and last May, Wahed announced it had expanded its operations globally.
The platform, which was before available only to the United States and United kingdom communities, now has given access to “Islāmic value-based investing” to residents of over 130 countries including Nigeria, India, Pakistan, and the MENA region as of May 2019
In a written statement, Wa’ed Ventures director Wassim Basrawi said: “We believe Wahed’s mission to supply ethical investing. the company has taken the lead in delivering invest fastest-growing one among the world’s fastest-growing sectors –Islāmic Finance. Wahed is additionally, within the true spirit of fintech, helping to broaden the investment landscape.”