Halal fintech startup Wahed closes $25M led by Saudi Aramco’s investment arm – TipsClear

New York-based fintech startup Wahed (meaning in one ‘in Arabic’) describes itself as a digital Islamic investment platform and the world’s first al-halal robo advisor ‘. It now closed a $ 25 million investment round led by Saudi Aramco Entrepreneurship Ventures (also known as Vaide Ventures), the venture capital investment arm of Tel Aramco.

Existing investors BECO and Cubel Capital participated, as well as Dubai Cultive 8, and Rasmale. The money will be used to expand internationally, including developing a company’s subsidiary in Saudi Arabia. The platform currently operates in the US and UK, and has more than 100,000 customers globally. It plans to grow in the largest Muslim markets including Indonesia, Nigeria, India and CIS. The three-year-old company has already received a license to operate in Saudi Arabia, and aims to obtain regulatory approval in 20 countries.

According to Crunchbase, since the 2015 inception by Junaid Wahana, Wahid has raised a total of $ 40 million so far.

Last October, Wahid was launched in Malaysia by the Securities Commission of Malaysia after the company was granted the country’s first Islamic robo advisory license. The firm is also considering listing its Islamic ETF on the Saudi Stock Exchange

Moral investment and Islamic finance is growing in popularity in Muslim countries, as long as it conforms to Islamic ethics, so the Wahed is ready to profit.

Commenting on the investment, Wahid CEO, Junaid Vedhana said: “We are excited to support Aramco Ventures as we enter the Saudi market. We consider Aramco a strategic long-term partner in the state and the rest of the world. ”

Wasim Basaravi, managing director of Wasim Ventures, said: “We believe in Wahed’s mission to provide ethical investment. The company has pioneered offering investment services in one of the world’s fastest growing sectors – Islamic Finance. Whet is also helping broaden the investment landscape in the true spirit of fintech. This latest funding round will enable Wah to make Saudi its regional MENA hub and contribute to the rapidly growing fintech ecosystem. “

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