Canadian fintech start-up Manzil is maintaining its steady growth momentum with new investments and a new product.
Initially looking to crowdfund CA$300,000 (US$225,377) in equity financing through FrontFundr back in June, the Halal digital firm upsized its investment target to CA$400,000 (US$300,502) following encouraging response from investors. As at the 4th October 2020, the firm has raised CA$336,700 (US$252,948).
This comes on the back of the firm launching its Halal prepaid Visa card in partnership with Canadian challenger bank KOHO in August. Its Halal mortgage fund, which hit the market in April, has attracted at least US$724,800 in investments via FrontFundr, reaching almost 73% of its CA$1 million (US$751,255) target.
These new offerings are part of a suite of products Manzil plans to introduce this year including a variable mortgage product and car financing. It is also learned that the start-up is looking at launching a Shariah compliant exchange-traded fund.
The new developments and its strong product pipeline support Manzil’s neo-banking aspirations. Initially starting as an alternative finance provider, with Halal mortgage as its anchor, the start-up has its eyes on becoming Canada’s first Islamic challenger bank. On track to introducing a Shariah compliant car financing scheme before the end of the year, Manzil is also keen to develop and offer automated Islamic investment management services next year and deposit products by 2022, followed by student financing and commercial financing in 2023 and 2024 respectively. It plans to expand into the US in 2022 and the UK the following year.