Shariah-compliant robo-advisory start-up Wahed has raised $25 million in an investment round led by Saudi Aramco Entrepreneurship Ventures (Wa’ed Ventures) and BECO Capital.
“This latest funding round will enable Wahed to make Saudi their regional MENA hub and contribute towards a fast-growing FinTech ecosystem,” Wassim Basrawi, Managing Director at Wa’ed Ventures, the venture capital investment arm of Saudi Aramco said.
The round also included participation from existing investors Cue Ball Capital and Dubai Cultiv8.
The platform which was launched in the US in 2017 and expanded into UK markets in 2018 will use the funds to fuel the company’s global expansion and to develop its subsidiary in Saudi Arabia to serve as its regional hub.
Wahed now provides Islamic value-based investing to residents of more than 130 countries including key markets across Nigeria, India, Pakistan and the MENA region. “We are excited to have the support of Wa’ed Ventures as we foray into the Saudi market. We consider this investment as a strategic long-term partnership in both the Kingdom and the rest of the world,” Junaid Wahedna, CEO of Wahed said.
(Writing by Gerard Aoun; Editing by Seban Scaria)
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