New York-based Wahed Invest, a startup that touts itself as the first FinTech firm anchored in Islamic Economy, raised $8 million in the second quarter of fiscal 2018. The funding round was participated by existing investors including Cue Ball Capital, Middle Eastern VC, and BECO Capital, among others.
With the successful completion of the round, Wahed’s net valuation exceeded the $100 million mark. The company said it would utilize the newly raised fund to accelerate the development of a global savings solution which will comply with the rules governing the world of Islamic finance. Additionally, a part of the fund will also be dedicated to the planned global expansion.
“After our traction in the US and UK, we are actively looking to expand internationally to offer our product to the world.” Wahed aspires to lead innovation in the growing Islamic Finance sector and provide a non-lending based savings solution to the 1.5 billion Muslims worldwide,” said Wahed Founder and CEO Junaid Wahedna.
Worth noting here is that Wahed brought revolutionary changes to the Islamic FinTech sector by introducing the first-ever halal digital investment advisor. Among other perks, it enabled people from all income brackets to invest in a diversified portfolio of ethically responsible gold, Sukuk, and stocks with an initial investment of only $100
