PR Newswire
17 Jun 2022, 22:49 GMT+10
Saudi Aramco Entrepreneurship Center, Paul Pogba and strategic family institutions participate in Wahed's Series B funding round with HSBC acting as lead advisor.
NEW YORK, June 17, 2022 /PRNewswire/ -- Wahed Inc. (Wahed), a global Islamic fintech company, today announced that Wa'ed Ventures, the venture capital arm at Saudi Aramco Entrepreneurship Center (Wa'ed), is leading their $50 million Series B funding round with HSBC acting as lead financial advisor. Other investors in this round include footballer Paul Pogba, who has also joined Wahed as their latest brand ambassador, and strategic family offices and institutions.
The investment round will support the startup's current growth phase as it plans to launch an ethical neobank on its platform in the near future, allowing users to fulfill their banking and investing needs all on one super-app, without compromising on their values.
Haroon Mokhtarzada, founder of unicorn fintech Truebill, William Haney, Chairman of Enhesa and Lori Richards, former Director at the SEC, have also been appointed to Wahed's Board of Directors to assist with this phase of growth.
William Haney mentioned: "I am thrilled to join Wahed's mission of bridging the wealth gap through values, finance and technology. Its digital tools have enormous potential to make the world of finance more accessible to those previously excluded. I look forward to contributing to its long-term growth."
Currently, Wahed offers individuals the chance to invest their money ethically in a quick, easy and affordable way. Wahed has gained support steadily since its inception in the US with over 300,000 clients globally across all Wahed entities.
"The rapid popularization of fintech solutions and their influence in advancing financial literacy and inclusion worldwide have created the right urgency for fintech products that are both ethical and easily accessible for individual investors," said Fahad Alidi, Managing Director at Wa'ed. "Fintech leaders like Wahed acknowledge the role they play within such a globally crucial context, and it is their ambition to realize that vision that makes us proud to partner with the pioneering team as they work to unlock the digital potential of the financial industry."
Other perennial shareholders of the company include Cue Ball Capital, Dubai Cultiv8 and Rasameel.
Partner at Cue Ball Capital, Ali Rahimtula commented, "This raise will help support Junaid and his team's mission to bring financial services to this important yet underserved demographic. We are looking forward to Wahed's next phase of growth."
About Wa'ed
Wa'ed is the entrepreneurship arm of Saudi Aramco and one of the largest institutional venture capital investors for Saudi-based start-ups, providing end-to-end support in mentoring, incubation, and venture capital investment. Established by Saudi Aramco in 2011, Wa'ed is an essential enabler of economic diversification through Wa'ed VC arm, Wa'ed Ventures, which oversees $200 million in assets and a portfolio of 30+ Saudi-based companies. Based in Dhahran, Saudi Arabia, Wa'ed is a fully owned venture of Saudi Aramco. To learn more about Wa'ed:
About Wahed Inc.
Wahed is a global Islamic fintech company that aims to reduce financial exclusion by encouraging ethically focused investing.
New York-headquartered, Wahed has built an award-winning digital platform, making it easy for everyone to benefit from investing without compromising their values.
Wahed is licensed in 9 jurisdictions through its subsidiaries around the globe, with 11 offices serving over 300,000 customers.
For more information on how Wahed is trying to change the world of finance for the better, visit: https://wahedinvest.com/
SOURCE Wahed
Get a daily dose of Singapore Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Singapore Star.
More InformationDUBAI, UAE: The Arab states have built significant amounts of solar and wind power installations, and are in line to ...
LONDON, England: A second referendum on Scottish independence is set to be held in October 2023. The Scottish government, led ...
LISBON, Portugal: Tuvalu Foreign Minister Simon Kofe walked out of the opening cermonies of this week's United Nations Ocean Conference ...
SULAWESI, Indonesia: Using just a rope, an Indonesian man, supported by fellow villagers on the island of Sulawesi, captured a ...
WATFORD, UK: Watford F.C. has cancelled a friendly match against the Qatar national team due to the Gulf country's human ...
ISTANBUL, Turkey: Turkish police detained dozens of people after local authorities banned Istanbul's annual Pride parade from going ahead this ...
NEW YORK, New York - U.S. stocks rebounded on Friday, a day after major across-the-board sell-offs."Consensus estimates for 2022 and ...
GENEVA, Switzerland: Swiss pharmaceutical group Novartis has said, as part of its previously announced restructuring program, that it could cut ...
SHANGHAI, China: Walt Disney Company reopened Shanghai Disneyland on 30th June, one month after the city lifted a two month ...
SYDNEY, NSW, Australia - Stocks in Asia skidded lower Friday with all the major indices recording solid losses."Capitulation is the ...
ISLAMABAD, Pakistan - Given the country's ongoing economic crisis and acute fuel shortage, the Pakistan government is considering purchasing oil ...
WASHINGTON, D.C.: Amidst the rise of "re-fracs" in the U.S. as part of the efforts to boost domestic oil production, ...