Wahed Invest, the UK’s first halal online investment platform, has raised an additional £6m this year from existing investors to expand the reach of its global savings solution.
The online investment platform received the funding from existing investors, Boston based Cue Ball Capital, and BECO Capital, a Middle Eastern Venture Capital fund known for backing a variety of regional start-ups. This brings its total funding to nearly £12m since inception and has raised Wahed Invest’s valuation to over £75m.
Wahed, which first launched in the US in 2017 and expanded to the UK in August 2018, revolutionised the industry with the first-ever halal digital investment platform, allowing savers from all income brackets to invest in a globally diversified portfolio of ethically responsible stocks, Sukuk and gold with as little as £100 minimum investment.
Founder and CEO Junaid Wahedna, commented: “After gaining positive traction in the US and UK, we are excited to be able to carry this momentum into the rest of the world through our international expansion. Wahed aspires to provide a non-lending based savings solution to over 1.5 billion Muslims worldwide and to play a lead role in fostering innovation in the growing Islamic Finance sector.”