FinTech Startup Wahed Invest Raises a Multi-million Dollar Investment from Dubai Cultiv8
The partnership is key to Wahed's mission of becoming the first global robo advisor
Sep 19, 2019, 02:00 ET
NEW YORK, Sept. 19, 2019 /PRNewswire/ -- Wahed Inc. ("Wahed"), the parent company of the Shariah-compliant, FinTech start-up Wahed Invest LLC ("Wahed Invest"), announces a multi-million dollar investment from Dubai Cultiv8 Investments Limited (Dubai Cultiv8), a full subsidiary of Dubai SME which is an integrated division of Dubai's Department of Economic Development.
Wahed's digital investment platform allows savers from all income brackets to invest in a diversified portfolio of Shariah-compliant stocks, Sukuk and commodities. As an investor with a long-term focus, Dubai Cultiv8 will offer growth and expansion capital, sector knowledge and regional expertise.
Arif Al Alawi, CEO of Dubai Cultiv8 said: "The demand for Shariah-compliant financial solutions is increasing and it is imperative that we adopt a culture of innovation. Partnering with disruptive FinTech startups like Wahed Invest, which is driving technological innovation in the FinTech sector, will open the door to best-in-class products that promote financial inclusion, literacy and most importantly access to ethical investment opportunities to savers from all backgrounds."
Dubai Cultiv8 joins a strong Wahed investor-base of top PE funds, and prominent Family Offices. Junaid Wahedna, CEO of Wahed, said: "Wahed Invest continues to strengthen its shareholder base with value-added strategic investors in line with Wahed's ambitious global mission." Wahed's global growth had helped it become the first Islamic FinTech to get a $100 million valuation last year.
This strategic partnership will help Wahed expand internationally at a faster pace, fulfilling its mission to offer all savers globally access to a digital investment solution. The company first launched in New York in 2017 through Wahed Invest and has since expanded internationally through affiliates, currently able to serve customers from over 130 countries.
About Wahed Invest
Wahed Invest, a subsidiary of Wahed Inc. is an automated investment advisor and the first digital advisor focused on building a halal investment platform. Wahed Invest provides a comprehensive, easy-to-use option to invest in Shariah-compliant investment portfolios. Designed specifically for the Islamic community, Wahed Invest's investment portfolios are approved by a Shariah Review Board, enabling Muslims to feel confident that their investments are ethically sound and halal.
SOURCE Wahed Invest
