Saudi Aramco Unit Leads Series B Funding Round in Islamic Fintech Wahed

Saudi Aramco’s Entrepreneurship Center, Wa’ed, led a US$50 million Series B funding round with participation from international footballer Paul Pogba in New York-based Islamic fintech Wahed.

Wahed will use the fund to drive its growth 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, which also led the startup’s US$25 million Series A funding round in 2020, will continue to act as the company’s “anchor partner” during its expansion into Saudi Arabia and the Middle East and North Africa 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,” Fahad Alidi, managing director at Wa’ed, said in a statement.

Wahed offers users easy, accessible, and value-based investing services and is currently serving 300,000 customers with 11 established offices.