Ayan Capital, a London-based Islamic FinTech, has announced the successful closure of a £2.8m ($3.6m) equity funding round.
The round was led by Cur8 Capital, and aims to propel Ayan’s expansion of halal car financing and other Islamic finance products in the UK.
The firm focuses on offering Sharia-compliant financial products, including a dedicated car financing service for private hire drivers using platforms such as Uber, Bolt and Wheely.
The company facilitates the purchase of electric vehicles (EVs) and low-carbon plug-in hybrid cars, catering to the growing demand for sustainable and ethical financing options.
The newly raised funds will enable Ayan to introduce new tech-driven financial products to the UK market.
The company aims to address inefficiencies in customer experiences, such as long waiting times and hidden fees, while maintaining a commitment to its Islamic values and principles.
To date, Ayan Capital has financed over £3.4m in loans with a 0% non-performing loan (NPL) rate, demonstrating the effectiveness of its proprietary data-driven underwriting technology.
The company has achieved a 97% month-on-month growth in its halal car financing service as of November 2024.
Additionally, it recently launched AyanPay, a 0% financing solution for car repairs and home improvements, allowing customers to finance purchases up to £20,000 over 12 months.
The leadership team at Ayan Capital brings extensive experience in Islamic banking and technology. Previously, they established the leading Islamic digital bank in Central Asia and launched an innovative IT academy.
With these credentials, the company is setting its sights on becoming a global Islamic neobank, addressing the unmet financial needs of the Muslim community, particularly the 1.7bn unbanked population worldwide.
“We are humbled by and grateful for the trust our investors have put in us. This funding will help us roll out a number of new tech-driven products in the UK market, where, despite a highly competitive fintech ecosystem, we see major pockets of broken customer experiences, long waiting times and hidden commissions. We now have an opportunity to participate in solving these challenges, while remaining true to our values and principles,” Ayan Capital CEO and co-founder Abdullo Kurbanov said.
“With 85% of Gen Z Muslims seeking to bank in line with their values, Ayan is going after a massive market. They have scaled impressively from car finance to broader solutions in line with their vision to build a digital Islamic neobank. With Abdullo’s proven track record and the team’s deep expertise, we are very excited for what comes next,” Cur8 Capital principal Uzair Ali added.
Previously, Ayan Capital secured an undisclosed seed round to support its initial operations and the development of its proprietary technology.
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