US fintech Wahed Invest is set to receive $50 million in a Series B funding round led by Wa’ed Ventures, the venture capital arm at Saudi Aramco Entrepreneurship Center.
Wahed plans to launch ethical neobank
Other investors in the round include footballer Paul Pogba, who has joined Wahed as brand ambassador, and a number of family offices and institutions.
The Series B round will support the start-up’s ongoing growth phase, with plans to launch an ethical neobank on its platform in the near future. The new offering will provide users access to banking and investing products that align with the fintech’s Halal values.
Wahed managing director Fahad Alidi says: “The rapid popularisation 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.”
Haroon Mokhtarzada, founder of unicorn fintech Truebill; William Haney, chair of Enhesa; and Lori Richards, former director at the Securities and Exchange Commission, have also been appointed to Wahed’s Board of Directors to assist with its phase of growth.
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