Wahed Inc., a New York-headquartered global Islamic fintech company, raised USD50m in Series B funding.
The round was led by Wa’ed Ventures, the venture capital arm at Saudi Aramco Entrepreneurship Center (Wa’ed), with participation from footballer Paul Pogba, who has also joined Wahed as their latest brand ambassador, and strategic family offices and institutions. Haroon Mokhtarzada, founder of fintech company Truebill, William Haney, Chairman of Enhesa and Lori Richards, former Director at the SEC, have also been appointed to Wahed’s Board of Directors.
Other perennial shareholders of the company include Cue Ball Capital, Dubai Cultiv8 and Rasameel.
The company intends to use the funds to launch an ethical neobank on its platform in the near future, allowing users to fulfill their banking and investing needs all on a single app.
Currently, Wahed offers individuals the chance to invest their money ethically in a quick, easy and affordable way. Wahed has gained support steadily since its inception in the US with over 300,000 clients globally across all Wahed entities.
Wahed is a global Islamic fintech company that aims to reduce financial exclusion by encouraging ethically focused investing. The company is licensed in 9 jurisdictions through its subsidiaries around the globe, with 11 offices serving over 300,000 customers.