Wahed, a robo-advisory service that provides efficient, reliable, and accessible Shari’ah compliant investment platform to investors has raised a $25M strategic funding round led by Saudi Aramco Entrepreneurship Ventures (Wa’ed Ventures) and BECO Capital. The news comes almost one year after they raised their Bridge round in September 2019.
Wahed's recent funding insights:
Sep 2019 - Undisclosed, Bridge, Dubai Cultiv8
Oct 2018 - $8M, Series B, BECO Capital, Cue Ball Capital
Nov 2017 - $7M, Series A, BECO Capital, Cue Ball Capital
• Wahed was founded in 2015 and is the world’s leading robo-advisory service aimed toward Muslim investors with a Sharia-compliant online investment platform which will give clients the opportunity to seek advice on securities or investment scheme through direct access to an automated online platform (or application).
• In 2019, Wahed’s foray into Malaysia bolstered its client base, and the company now serves over 50,000 customers in Malaysia alone, with future growth plans for the largest Muslim markets including Indonesia, Nigeria, and the Commonwealth of Independent States.
• The funds will be used to fuel the company’s ambitious global expansion, namely in developing the company’s subsidiary in Saudi Arabia into its MENA headquarter.
Junaid Wahedna, CEO of Wahed, shared, “We are excited to have the support of Wa’ed Ventures as we foray into the Saudi market. We consider this investment as a strategic long-term partnership in both the Kingdom and the rest of the world.”
Read the full press release below.
Wahed, the world’s leading online Sharia-Complaint investment platform, has closed a $25 million investment round led by Saudi Aramco Entrepreneurship Ventures (also known as Wa’ed Ventures) and BECO Capital. The round included participation from Cue Ball Capital, Dubai Cultiv8, members of notable family offices in the GCC. The funds will be used to fuel the company’s ambitious global expansion, namely in developing the company’s subsidiary in Saudi Arabia into its MENA headquarter.
Founded in 2015, Wahed is the world’s leading robo-advisory service aimed toward Muslim investors with a Sharia-compliant online investment platform which will give clients the opportunity to seek advice on securities or investment scheme through direct access to an automated online platform (or application).
In 2019, Wahed’s foray into Malaysia bolstered its client base, and the company now serves over 50,000 customers in Malaysia alone, with future growth plans for the largest Muslim markets including Indonesia, Nigeria, and the Commonwealth of Independent States. Wahed was recently awarded the first Robo-Advisory experimental permit by the Saudi Arabian financial regulator, the Capital Markets Authority (CMA), to launch its platform in the Kingdom of Saudi Arabia.
Wahed has tapped into the rising demand for Islamic and ethical investments, a sector that merges Sharia law and modern investment theory. It has created an easy to use global platform that combines Sharia-compliant and ethical investment, with free portfolio recommendation and no hidden fees.
Wassim Basrawi, Managing Director at Wa’ed Ventures, made the following statement: "We believe in Wahed’s mission to provide ethical investing. The company has taken the lead in delivering investment services to one of the world’s fastest growing sectors – Islamic Finance. Wahed is also, in the true spirit of FinTech, helping to broaden the investment landscape. This latest funding round will enable Wahed to make Saudi their regional MENA hub and contribute towards a fast-growing FinTech ecosystem.”
Commenting on the investment of Wa’ed Ventures, Junaid Wahedna, CEO of Wahed, made the following statement: “We are excited to have the support of Wa’ed Ventures as we foray into the Saudi market. We consider this investment as a strategic long-term partnership in both the Kingdom and the rest of the world.”
Available online and through a mobile app, the Wahed platform is accessible in the US, UK, and Malaysia. Users can begin investing with as little as $100 and have access to an investment portfolio that is compliant with Islamic investing norms.
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The Lebanese startup ecosystem saw an increase of 18% in startup deals between 2018 and 2019, with 45 deals taking place. While the number of investments has gone up, the majority of these involve Early-Stage companies. Discover more details in our 2019 Lebanon Venture Investment Report.