New York-based halal fintech firm Wahed has entered the South African market after receiving a regulatory license from the Financial Sector Conduct Authority, allowing the start-up to offer services locally.
The digital Islamic investment platform, currently operating in the US and UK, has been on an expansion path since last year, targeting Muslim markets, including Indonesia, Nigeria, and India. Now, it has set its sights on the local Muslim community in South Africa.
The six-year-old company announced yesterday that acquiring the South African license is a huge achievement, as it ramps up efforts to deliver investment services in the country.
With the authorization for the South African license, the fintech now has nine regulatory licenses around the world, as it continues pushing for international expansion.
To date, it has raised more than $40 million in funding since its launch in 2015 and holds Malaysia’s first Islamic Robo Advisory license.
“We look forward to making an impact in South Africa. We know we can help bridge the wealth divide in the country through our products. We combine fintech and values to create simple, accessible, and halal products – we are honored to be trusted and to launch in one of the largest Muslim markets in the continent,” says Junaid Wahedna, Wahed CEO.
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.”