Riyadh – Mubasher: Wa’ed, the entrepreneurship centre of Saudi Arabian Oil Company (Aramco), has led a $50 million Series B round for the US-based fintech app Wahed.
International footballer Paul Pogba was among other investors participating in the funding round, alongside family offices and institutions, according to a press release.
As part of its businesses that enable individuals to invest and manage their money, Wahed operates a trading app aimed at Muslim investors.
Established in 2017 by Junaid Wahedna, Wahed offers its services across 130 countries with offices in London, the UAE, and Saudi Arabia.
In June 2020, Wahed secured $25 million in a Series A funding round led by Wa'ed along with BECO Capital and Cue Ball Capital.
The Managing Director at Wa’ed, Fahad Alidi, said: "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."
Meanwhile, Wahed’s CEO, Junaid Wahedna, commented: "I am extremely excited for this next chapter as we aim to make the Wahed platform a one-stop shop for ethical banking and investing tools."
