New York-based halal fintech firm Wahed has entered the South African market after receiving a regulatory licence 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, and has now set its sights on the local Muslim community.
The six-year-old company announced yesterday that acquiring the South African licence is a huge achievement, as it ramps up efforts to deliver investment services in the country.
With the authorisation for the South African licence, the fintech now has nine regulatory licences around the world, as it continues pushing for international expansion.
Wahed has attracted over 200 000 customers around the world.
To date, it has raised more than $40 million in funding since its launch in 2015 and holds Malaysia’s first Islamic Robo Advisory licence.
“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.
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.”
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