Islamic car finance platform Ayan Capital, a London-based fintech startup, has successfully closed a £2.3m debt and equity seed round.
The funding round was led by a consortium of investors including prominent names in the Islamic finance sector and venture capital firms committed to supporting innovative solutions in the financial industry.
Ayan Capital specialises in providing private hire vehicle (PHV) drivers in the UK with access to professional and business car financing fully compliant with Islamic finance principles. This fills a significant gap in the market, catering to the needs of PHV drivers, a majority of whom are Muslim, with Sharia-compliant financial products.
The fintech startup’s platform offers financing of up to £50,000, addressing the demand for such products among PHV drivers seeking ethical and Sharia-compliant financial solutions. Ayan Capital’s long-term vision extends beyond car financing, aiming to evolve into a neobank focused on serving the Islamic population in the UK and expanding its services across Europe.
Abdullo Kurbanov, CEO and co-founder of Ayan Capital, expressed optimism about the market response and the company’s mission, stating, “Since Ayan Capital’s launch, the market response in the UK has been overwhelmingly positive. Our mission is to address the growing demand for private hire vehicle lending in the UK, based on the principles of Islamic finance.”
He added, “The seed funding that we’ve recently closed is a testament to the current services and future potential of Ayan Capital in transforming Islamic finance in the UK.”
The company intends to utilise the newly secured funds to enhance its platform’s capabilities, expand its customer base, and further develop its Sharia-compliant financial products and services.
Ayan Capital was founded by a team with a proven track record in Islamic fintech, responsible for the success of Alif Bank, a leading Islamic fintech enterprise in Central Asia. The founding team’s extensive experience in the sector has contributed to Ayan Capital’s rapid growth and market penetration.
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