Islamic start-up backed by Aramco & Paul Pogba is now valued at 300 million, which may result in Pogba becoming a millionaire one day.
According to a statement from Wa’ed Ventures, the company is now valued at $300 million. The startup is planning to use the funds to expand into the Middle East and North Africa, including Saudi Arabia. It will start a digital banking service on its UK platform aimed at underserved communities.
Pogba is just one of the brand ambassadors who have joined Wahed, alongside Khabib Nurmegomedov, revered mixed martial artist and lightweight champion.
“After meeting Junaid and understanding Wahed’s mission, I knew I wanted to be part of it because growing up we didn’t have access to a safe way to manage and grow our money.
“I hope that my partnership with Wahed will help show young people that there are ways to start investing the right way and it’s smart to start thinking about long-term financial goals early in life.”
The aim is “to make the Wahed platform a one-stop shop for ethical banking and investing tools,” said Chief Executive Officer Junaid Wahedna.
Wahed was founded in 2015 and has grown to acquire a 300,000 client base in countries across the world. From their headquarters in New York, they now have 11 offices worldwide. Wahed was created in order to give investment and saving options that lay in harmony with Islamic principles. They do so by avoiding profits from lending, gambling, or engaging in the alcohol and tobacco market.
With the number of Muslims worldwide rising and Islam being the fastest growing religion, the Islamic Banking industry is booming. According to an August 2021 report by the Islamic Financial Services Board, the industry has grown approximately by 11% in 2020 to encompass $2.7 trillion of assets.
Wahed said there was high demand for fintech products that are both ethical and easily accessible for individual investors.
To read more about halal investments and how Wahed is complying with Sharia law, click here.