Wahed, a London-based Islamic investment platform, has closed a $25 million round led by Saudi Aramco Entrepreneurship Ventures (also known as Wa’ed Ventures), the venture capital investment arm of Saudi Aramco. The round included existing investors BECO and Cue Ball Capital, as well as Dubai Cultiv8 and Rasameel. The funding will largely go to developing the fintech startup’s subsidiary in Saudi Arabia.
“We’re excited to have the support of Aramco Ventures as we foray into the Saudi market. We consider Aramco a strategic long term partner in both the Kingdom and the rest of the world,” said CEO Junaid Wahedna.
Founded in 2015 and launched in 2017, the fintech company claims to be the world’s first Shari'ah-compliant investment platform, with the website tagline: “Invest in line with your faith”. The platform recommends Islamic and ethical investment opportunities around the world, though the app is currently only available in the UK, US and Malaysia. The team is convinced further expansion is on the way.
“We expect to see outstanding results in the Saudi market as there are no direct competitors and the country is ripe for disruption in line with the government’s Saudi Vision 2030 goals,” explained Mehdi Benslimane, Wahed’s head of strategy. Saudi Arabia will serve as the company’s MENA hub.