Islamic fintech start-up from Uzbekistan, IMAN, which provides “buy now, pay later” services, raised $1 million in seed funding from a group of venture capital investors.
The participants in the round included Battery Road Digital Holdings, Tesla Capital, and UZCARD Ventures.
The platform uses technology to "democratise access to finance in line with the region’s religious views and faith," the company said in a statement on Tuesday.
The Uzbekistan-based start-up, which was founded by Rustam Rahmatov and Mark Zubov, manages over $1.2 million users from more than a thousand retail investors across 60 countries, it said.
The company plans to expand into other frontier markets by early 2023 with predominantly young and tech-savvy Muslim populations, increasing disposable incomes and rising e-commerce digital payment systems penetration.
IMAN, which will be present at the Step Conference in Dubai on February 23-24 and is expected to raise another $1 million in its Pre-Series A funding round.
(Writing by Brinda Darasha; editing by Cleofe Maceda)
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