Wahed, a digital ethical investment platform, plans to expand its operations to Nigeria as part of a global expansion strategy as the Islamic digital fintech raised $25 million to develop its operations in the Kingdom of Saudi Arabia (KSA).

Wahed had in 2019 launched its operations in Malaysia in a major mover that bolstered its global presence and increase its global clients to more than 100,000. Wahed's future growth plans include expansion into the largest Muslim markets including Nigeria, Indonesia, India and the CIS.

Wahed on Monday announced that it had raised $25 million in an investment round led by Saudi Aramco Entrepreneurship Ventures, also known as Wa'ed Ventures, a venture capital investment arm of Saudi Aramco.

The round included participation from existing investors BECO and CueBall Capital, as well as Dubai Cultiv8, and Rasameel. The funds will be used to drive Wahed's ambitious global expansion, namely in developing the company's subsidiary in the Saudi Arabia.

Launched in 2017, Wahed is an ethical robo advisory platform that provides access to Islamic value-based investing. It is licensed in nine regulatory jurisdictions including United States, United Kingdom and Malaysia. Wahed was recently awarded the first RoboAdvisory permit by the financial regulator, the Capital Markets Authority (CMA), to launch its platform in KSA.

Chief Executive Officer, Wahed, Junaid Wahedna, said the fintech was excited to have the support of Aramco Ventures as it enters the Saudi market.

'We consider Aramco a strategic long term partner in both the Kingdom and the rest of the world,' Wahedna said.

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, with free portfolio recommendation and no hidden fees. Available through a mobile app, the platform is accessible in the US, UK, and Malaysia.

Managing Director, Wa'ed Ventures, Wassim Basrawi said Saudi Aramco believes in Wahed's mission to provide ethical investing, noting that Wahed has taken the lead in delivering investment services to Islamic finance, one of the world's fastest growing sectors.

'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 Middle East North Africa (MENA) hub and contribute towards a fast-growing fintech ecosystem,' Basrawi said.

Head of Strategy, Wahed, Mehdi Benslimane, said the fintech expected to see outstanding results in the Saudi market as there are no direct competitors and the country is ripe for disruption in line with the government's Saudi Vision 2030 goals.

© Pakistan Press International, source Asianet-Pakistan