Halal investing platform Wahed has raised $5m in funding from strategic investors.
The New York-based startup aims to offer ethical robo-based, Shariah-compliant investing to Muslims.
Similar to other robo-investing platforms the company offers a low account minimum of $500 and allows users to adjust their strategy according to their risk tolerance.
Wahed’s CEO Junaid Wahedna said: “The American Muslim population, which is one of the most affluent demographics in the country, is increasingly seeking more sophisticated ethical investment solutions.
“We’re excited to be able to offer observant Islamic investors in the U.S. a new, value-driven way to invest their money, at a fraction of the cost they would pay traditional asset managers and advisors.”
The round’s investors include Afkar Holdings Managing Partner Khalid Al Jassim, former JPMorgan Chase Managing Director John Elkhair and former McKinsey & Company partner Nasr-Eddine Benaissa.
The company will use the financing to reach more users with the aim of expanding international by the end of the year.
Wahed will also use the capital to add new account types and expand its services into areas such as debit cards.
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