Wa’ed, Saudi Aramco’s Entrepreneurship Centre, has announced leading a $50 million Series B funding round in New-York based fintech Wahed, which owns the ethical investment platform, Wahed Invest.
Paul Pogba, an international footballer, was also part of the round. The funding round was advised by HSBC Bank plc.
Wahed gives individuals the opportunity to manage their money ethically and invest quickly and easily. Wahed gained steady support in the US since its inception. There are now over 300,000. clients worldwide across all Wahed entities.
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.
“The rapid popularization 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, Managing Director at Wa’ed.
He adds: “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.
Ali Rahimtula, a Partner at Cue Ball Capital, commented, “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.”
“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 Wahed’s Chief Executive Officer, Junaid Wahedna.