International footballer Paul Pogba and Saudi Aramco’s Wa’ed Entrepreneurship Center have led a $50 million Series B fundraising round into the New York-based fintech Wahed.
The company Wahed, which runs the ethical investment platform Wahed Invest, has also added Paul Pogba as its newest brand ambassador. Strategic family offices and institutions are some more investors. The funding round’s financial adviser was HSBC Bank plc.
“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 realize 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.”
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.
