Saudi Aramco’s Entrepreneurship Centre, Wa’ed, and international footballer Paul Pogba have led a $50 million Series B funding round into New York-based fintech Wahed.
Paul Pogba has also joined as the latest brand ambassador of Wahed, which owns the ethical investment platform, Wahed Invest. Other investors include strategic family offices and institutions. HSBC Bank plc acted as financial adviser for the funding round.
“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,” said Fahad Alidi, the managing director at Wa’ed.
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 more than 300,000 clients globally across all Wahed entities.
Alidi added: “Fintech leaders like Wahed acknowledge the role they play within such a globally crucial context, and it is their ambition to realise 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.”
Wa’ed’s second investment in the Wahed fintech platform
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.
A partner at Cue Ball Capital, Ali Rahimtula, said: “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.”
Wahed’s chief executive officer, Junaid Wahedna, said: “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.
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.
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