Wahed Invest plans to use the funding to launch a neobank. Here are the top-line bullets you need to know.
Wahed Invest, a Shariah-compliant digital investment platform and robo-advisor, has raised $50M in a Series B. The round drew participation from investors including Wa’ed Ventures.
How’s the company performing?
- New York-based Wahed Invest allows users to invest in a portfolio of Shariah-compliant stocks, commodities, and Sukuk.
- The company has more than 200K clients across the globe.
- Wahed Invest operates across 130 countries and has offices in New York, Virginia, London, Kuala Lumpur, Riyadh, Dubai, Lagos, Mumbai, Jakarta, Port-Louis, and Nur-Sultan.
Source: Wahed Invest
Why does the market matter?
- The wealth management platform market is expected to reach a value of $7.2B by 2027, growing at a CAGR of 14.2%, according to The Insight Partners.
- The accelerated adoption of digital tools amid the pandemic, the increase in first-time investors, and the rise of alternative investment platforms have contributed to industry growth.
