Wahed,a New York-based halal fintech firm has expanded into the South African market.
The move comes after the company received a regulatory licence from the Financial Sector Conduct Authority, allowing the start-up to offer services locally.
According to the company, the acquisition of the South African licence is a huge achievement, even as it seeks to deliver investment services in the country.
“We are looking forward to making an impact in South Africa. We know we can help bridge the wealth divide in South Africa through our products. We combine fintech and values to create simple, accessible and halal products – we are honoured to be trusted and to launch in South Africa,” says Junaid Wahedna, Wahed CEO.
Wahed which is a digital Islamic investment platform currently operates in the US and UK, and has been on an expansion ambition since last year.
The fintech targets Muslim markets, including Indonesia, Nigeria and India, and has now set its sights on the local Muslim community.
Rashaad Kalla, Wahed SA general manager, says: “We are delighted to provide financial products that put the customer first. South Africa has a thriving fintech ecosystem, an established banking sector and a population that is hungry to reap the benefits of a new and better way to invest.”
With the acquisition of the South African licence, Wahed now has nine regulatory licences around the world, and is now seeking to venture into international expansion.
Since its launch in 2015, the company has attracted over 200 000 customers around the world and has raised more than $40 million in funding .