A New York-based Islamic robo-advisor has raised its valuation to US$100 million following another successful funding round as the Shariah digital investment manager continues its aggressive expansion plans.
Wahed Invest confirms with IFN Fintech that the online investment platform has secured an additional US$8 million last month from Boston-based Cue Ball Capital and BECO Capital, a venture capital fund based in the Middle East, bringing its total funding to over US$15 million since its launch in 2017. Cue Ball Capital and BECO Capital are existing investors in the start-up.
“Junaid (CEO) and his team at Wahed have continued to execute and build the global coverage of their offering in an extraordinary manner, giving access to a significant market that needs this service,” said Amir Farha, the managing partner at BECO Capital, adding that he is bullish on the vision and strategy that the start-up is pursuing.
The firm, which recently expanded into the UK, is moving at full throttle to broaden both its product offerings as well as geographic footprint. Over the last few months, Wahed Invest has made headway into expanding into the Middle East, particularly in the UAE and Bahrain, and has begun exploring ASEAN markets including Malaysia. It is also in the process of registering for the E-Money License with the UK’s Financial Conduct Authority.
“After gaining positive traction in the US and the UK, we are excited to be able to carry this momentum into the rest of the world through our international expansion,” shared Founder and CEO Junaid Wahedna. “Wahed aspires to provide a non-lending based solution to over 1.5 billion Muslims worldwide and to play a lead role in fostering innovation in the growing Islamic finance sector.”
In terms of products, the start-up in the third quarter rolled out two Shariah compliant index-tracking funds, one of the firsts from a robo-advisor (See Fund Focus) and it also launched a Halal stock screener, integrated with a Zakat calculator.