It has been a busy period for Manzil: the Canadian Islamic fintech start-up has secured CA$2.44 million (US$1.95 million) in seed funding and closed its first acquisition, expanding its services to include Shariah compliant estate planning.
The seed round was led by Calgary-based True North Mortgage’s financial arm, Think Financial and participated by institutional and angel investors from North America and the Middle East including fintech accelerator Holt Xchange, Innate Capital Partners, Jasaya Investments, FrontFundr’s Chairman David Beatty, among others. Manzil had previously raised some CA$1.1 million (US$876,854).
Concurrently, the start-up also confirmed that it had fully acquired Muslim Will Solutions, a Canadian digital Islamic wills platform, for an undisclosed all-cash deal. This purchase will the firm’s Islamic product universe which already includes mortgages, interest-free prepaid card and a Halal mortgage fund. The company is preparing to roll out a car financing product in the next year.
“The Muslim Will platform will not only substantially increase our customer base but will add a significant fifth revenue stream to our operations. Once the product is fully transitioned over, major synergies and cross-selling opportunities will be created through both client base,” shared Manzil CEO and Co-Founder Mohamad Sawwaf.
In Canada, those without a valid will are considered to have died intestate, which means the province of residence will decide how assets are distributed which goes against principles of Islamic inheritance.
“The Muslim community in Canada and more generally in the West is underserved. The idea of muslimwill.ca came from a big need to have a trusted and affordable platform to create a will. We used cutting-edge artificial intelligence technology that generates a legal document that both complies with Shariah standards and Canadian law,” said Nabil Orfali, one of Muslim Will’s co-founders who helped design, architect, and launch the platform and represented Muslim Will on the transaction.