- Wa’ed, Saudi Aramco’s Entrepreneurship Centre, has led a $50 million Series B round for US-based fintech app Wahed, which also runs a trading app aimed at Muslim investors, Wahed Invest. Other investors participating in this round include international footballer Paul Pogba along with family offices and institutions. HSBC Bank acted as financial adviser on this transaction.
- Founded in 2017 by Junaid Wahedna, Wahed operates across 130 counties with offices in London, UAE, and KSA.
- In June 2020, Wahed raised a $25 million Series A funding round led by Wa'ed along with BECO Capital and Cue Ball Capital.
- It also acquired British fintech app Niyah in late 2020.
Wa’ed, Saudi Aramco’s Entrepreneurship Centre, has announced leading a $50 million Series B funding round in New-York based fintech Wahed, which owns the ethical investment platform, Wahed Invest.
Other investors in the round include international footballer Paul Pogba, who has also joined Wahed as their latest brand ambassador, and strategic family offices and institutions. HSBC Bank plc acted as financial adviser for the funding round.
Wahed offers individuals the chance to invest and manage their money ethically in a quick and easy way. Wahed has gained support steadily since its inception in the US with over 300,000 clients globally across all Wahed entities.
The Wa’ed investment in Wahed will support the startup’s current growth phase as it plans to launch an ethical neobank on its platform, allowing users to fulfill their banking and investing needs all on one super-app.
Wa’ed will also continue to act as the company’s “anchor partner” during its expansion into Saudi Arabia and the MENA region.
“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.
He adds: “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 in the region.”
This marks the second investment that Wa’ed has made in the startup after leading Wahed’s $25 million Series A funding round in 2020, along with BECO Capital and Cue Ball Capital.
Ali Rahimtula, a Partner at Cue Ball Capital, 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.”
“We continue to strengthen our relationship with Wa’ed and HSBC as we enter this next growth phase. I’m extremely excited for this next chapter as we aim to make the Wahed platform a one-stop-shop for ethical banking and investing tools. We hope to eventually create a fairer and purer financial ecosystem built for everyone,” said Wahed’s Chief Executive Officer, Junaid Wahedna.