Islamic FinTech, Wahed secures $25 million investment round
Wahed, a digital Islamic investment platform, has closed a US$25 million investment round led by Saudi Aramco Entrepreneurship Ventures (also known as Wa’ed Ventures), a venture capital investment arm of Saudi Aramco. The round included participation from existing investors BECO and CueBall Capital, as well as Dubai Cultiv8, and Rasameel. The funds will be used to fuel the company’s ambitious global expansion, namely in developing the company’s subsidiary in Saudi Arabia (KSA).
Commenting on the investment, Junaid Wahedna, CEO of Wahed, said: “We’re excited to have the support of Aramco Ventures as we foray into the Saudi market. We consider Aramco a strategic long-term partner in both the Kingdom and the rest of the world.”
Wahed is aimed towards Muslim investors with a Sharia-compliant offering. Wahed was recently awarded the first RoboAdvisory permit by the financial regulator, the Capital Markets Authority (CMA), to launch its platform in KSA. The company has tapped into the rising demand for Islamic and ethical investments, a sector that merges Sharia law and modern investment theory. It has created an easy to use global platform, with free portfolio recommendation and no hidden fees. Available through a mobile app, the platform is accessible in the US, UK, and Malaysia.
Wahed’s foray into Malaysia last year bolstered its global presence, and they now serve over 100,000 clients globally, with future growth plans for the largest Muslim markets including Indonesia, Nigeria, India and the CIS.