Dubai Cultiv8 announced a multimillion-dollar investment in Fintech startup Wahed Invest through its 100 million Technology Fund.
Dubai Cultiv8 is a category 3C Wealth and Asset Management Company that enables savers from all income brackets to invest in a diversified portfolio of Sharia-compliant stocks, Sukuk and commodities. With an expansive investment background and a long-term mission statement, Dubai Cultiv8 seeks to offer investment capital and growth to Sharia-compliant businesses. Additionally, its team of experts routinely engage with these businesses to increase sector knowledge and regional expertise.
Wahed Invest is an online investment portfolio company that allows users to register, invest and track progress of their investments. These investments are limited to companies that are registered as Sharia-compliant.
The recent investment by Cultiv8 has raised the bar for expansion for Wahed Invests which seeks to extend operations to different regions of the Muslim World.
Arif Al Alawi, CEO of the Dubai Chapter of Cultiv8 has noted that in recent times, users look exceedingly for Shariah-compliant financial solutions. The shift in user preferences towards sharia-compliant businesses has opened a lot of room for various investment portfolios to adopt a culture of innovation. “Partnering with disruptive FinTech start-ups such as Wahed Invest, which are driving technological innovation in the FinTech sector will open the door to the best-in-class products that promote financial inclusion, literacy and, most importantly, access to ethical investment opportunities to savers from all backgrounds."
Wahed has a cogent investor base ranging from top PE funds to sovereign entities and goes on to include prominent Family Offices globally. The innovation in financial services that Wahed has so keenly emphasised on has enabled it to become the first Fintech company in the region to get a $100 million-plus valuation which it secured last year.
Junaid Wahed, CEO at Wahed, proclaimed that the organisation is ambitious about keeping up with the growth momentum to increase the shareholder base of the diverse investment platform that the company facilitates. The firm also hopes that with its new partnership with Cultiv8, it will be better equipped to deliver on its promises of improving upon its value-added strategic investor base in line with its mission statement.
Rashed Al Muhtadi, Head of United Arab Emirates, Wahed commented: “Technology is redefining financial services, bringing new and innovative financial prospects to the largely underserved and marginalized populace”.