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Halal fintech startup Wahed closes $25M led by Saudi Aramcos investment arm

New York-based fintech startup Wahed(meaning One in Arabic) describes itself as a digital Islamic investment platform and as the worlds first halal robo adviser. Its now closed a $25 million investment round led by Saudi Aramco Entrepreneurship Ventures (also known as Waed Ventures), a venture capital investment arm of oil giant Saudi Aramco.
Existing investors BECO and CueBall Capital participated, as well as Dubai Cultiv8, and Rasameel. The funds will be used to expand internationally, including developing the companys subsidiary in Saudi Arabia.The platform is currently running in the US and UK, and has more than 100,000 clients globally. It plans to grow in the largest Muslim markets including Indonesia, Nigeria, India and the CIS. The three-year-old company has already received a license to operate in Saudi Arabia, and aims to get regulatory approval in 20 countries.
According to Crunchbase, Wahed has now raised a total of $40 million in funding since its 2015 founding by Junaid Wahedna.
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