Wahed, an Islamic investment platform, has raised $25mn.
Wahed is based in New York and calls itself the world’s first ‘halal robo advisor’.
The investment was led by Saudi Aramco Entrepreneurship Ventures.
It also included new and existing investors.
What does this mean?
The company will use the funding to expand internationally. It will develop its current subsidiary in Saudi Arabia, where it has a licence, and aims to gain regulatory approval in 20 countries. It will focus on markets with a large Muslim population such as Indonesia and Nigeria.