Wahed, the online Sharia-Complaint investment platform, has closed a $25 million investment round. The round was led by Saudi Aramco Entrepreneurship Ventures (or Wa’ed Ventures) and BECO Capital. The round included participation from Cue Ball Capital, Dubai Cultiv8, and members of notable family offices in the GCC. The USA-based company plans to expand to the MENA region using the new funds. Above all, the funds will be used to develop the company’s subsidiary in Saudi Arabia into its MENA headquarter.
Junaid Wahedna founded Wahed in 2015. Wahed is a halal investment platform aimed toward Muslim investors. Its Sharia-compliant online investment platform will give clients the opportunity to seek advice on securities or investment schemes through direct access to an automated application.
In 2019, Wahed’s entered the Malaysian market which bolstered its client base. As a result, it now serves over 50,000 customers in Malaysia alone. Due to its success, it plans to expand to the largest Muslim markets including Indonesia, Nigeria, and the Commonwealth of Independent States. Recently, Wahed was awarded the first Robo-Advisory experimental permit by the Saudi Arabian financial regulator to launch in the Kingdom.
Wahed has tapped into the rising demand for Islamic and ethical investments. It has created a global platform that combines Sharia-compliant and ethical investment, with free portfolio recommendation and no hidden fees.
Wassim Basrawi, Managing Director at Wa’ed Ventures, made the following statement: “We believe in Wahed’s mission to provide ethical investing. The company has taken the lead in delivering investment services to one of the world’s fastest growing sectors – Islamic Finance. Wahed is also, in the true spirit of FinTech, helping to broaden the investment landscape. This latest funding round will enable Wahed to make Saudi their regional MENA hub and contribute towards a fast-growing FinTech ecosystem.”
Commenting on the investment of Wa’ed Ventures, Junaid Wahedna, CEO of Wahed, made the following statement: “We are excited to have the support of Wa’ed Ventures as we foray into the Saudi market. We consider this investment as a strategic long-term partnership in both the Kingdom and the rest of the world.”
Available online and through a mobile app, the Wahed platform is accessible in the US, UK, and Malaysia. Users can begin investing with as little as $100 and have access to an investment portfolio that is halal.
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