NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

By Mike Butcher

New York-based fintech startup Wahed (meaning “One” in Arabic) describes itself as a digital Islamic investment platform and as the world’s first “halal robo adviser.” It has now closed a $25 million investment round led by Saudi Aramco Entrepreneurship Ventures (also known as Wa’ed 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 company’s subsidiary in Saudi Arabia. The platform is currently running in the U.S. and U.K., 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.

Photo courtesy of Devanath.