Wednesday, October 21, 2020
Report From yellow to black: HelloGold turns attention to crude oil

From yellow to black: HelloGold turns attention to crude oil

The world’s first gold-based Islamic fintech platform is expanding its asset portfolio to include black gold and money market funds as it broadens its geographical network on the back of preparations to mobilize a US$25 million fundraising campaign over the next few months.

“We are not just going to be a gold-based platform — we plan to manufacture financial products that will remain Shariah compliant, and more importantly, be relevant and useful to the market we are trying to serve. So whether it will be in petrol or money market funds, we are exploring these opportunities now,” CEO Robin Lee tells IFN Fintech.

Headquartered in Kuala Lumpur, the start-up has managed to build a customer base of approximately 25,000 since it officially launched in April 2017. The firm, which raised some US$8 million last year, is now in the midst of setting up offices in Thailand and the Middle East. It has also begun exploring the possibility of establishing a presence in Indonesia. To aid its expansion plan, HelloGold is preparing to execute another round of fundraising, targeting US$25 million.

“We are a start-up and as with all start-ups with big ambitions like ours, we need to always be two steps ahead in terms of our funding expectations. So for us, the monies we raised last year has been earmarked for the next 18-24 months; we are gearing up to raise more money as we expand our product range and market reach. We are planning to go to market at the back-end of this year to start our fundraising of about US$25 million,” Lee shares.

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