Wahed Invest, a New York, UK-based halal online investment platform, completed an additional £6m funding.
Backers included Cue Ball Capital and BECO Capital.
This brings Wahed Invest’s total funding to nearly £12m since inception and the valuation to over £75m.
The company intends to use the funds for expansion to global markets.
Established in 2015 by Junaid Wahedna, CEO, Wahed Invest is a Shariah-compliant digital investment platform. First launched in the US in 2017, and expanded to the UK in August 2018, the platform allows savers from all income brackets to invest in a globally diversified portfolio of ethically responsible stocks, Sukuk and gold with as little as £100 minimum investment.
Following the US and UK, the company plans to launch in the Gulf Corporation Council (GCC) and ASEAN markets, which have a young and rapidly growing demographic of Muslim consumers.
Wahed is also in the process of registering for the E-Money License with the FCA. The platform will offer a practical solution to the millions of Muslims who do not wish to deposit their money with traditional banks. Currently, existing Islamic banks still function as lending institutions by using Shariah compliant lending structures.