Wahed Invest, a Sharia-compliant ethical investing platform, has reportedly raised $25m in a funding round led by Saudi Aramco Entrepreneurship Ventures.
Previous Wahed backers BECO and CueBall Capital joined Dubai Cultiv8 and Rasameel in the investment round, according to a report from TechCrunch.
With the burst of funding, the company will expand internationally, as well as develop it subsidiary in Saudi Arabia, it said.
The company, which is currently live in the US and UK, hopes to move into countries including Indonesia, Nigeria, India and the Commonwealth of Independent States (CIS). Wahed has received regulatory approval within Saudi Arabia and is looking to achieve the same in 20 other countries, the article said.
New York-based Wahed is a Halal investment platform, which ensures consumers’ capital is only used to invest into companies that comply with Islamic principles. The automated investing platform is backed by a robo-advisor to create portfolios.
There is a minimum investment size of £100, empowering everyone to build a portfolio, and is invested into global stocks, emerging market stocks, Sukuk (Islamic bonds) and gold. Users are allocated an optimal portfolio, based on their risk tolerance and ideal investment strategy.
The FinTech previously raised $8m in a funding round back in 2018, which valued the business at $100m. Investments came from Ball Capital and BECO.
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