The New York-based halal* fintech firm Wahed has entered the South African market after receiving a regulatory license from the Financial Sector Conduct Authority, IT Web reported.
Wahed is an online ethical investment platform and the world’s first global robo-advisor.**
The fintech company is reported to have raised more than $40 million in funding since its launch in 2015 by its CEO Junaid Wahedna. It holds Malaysia’s first Islamic Robo Advisory license.
The latest regulatory approval will allow the fintech company to offer its unique services to the South African market. Aside from the South African license, it has eight regulatory licenses around the world, attracting over 200,000 customers.
The approval marks its ninth license, as the six-year-old fintech continues pushing for international expansion. The company plans to bridge the wealth divide in South Africa through its products.
“We are looking forward to making an impact in South Africa,” Wahedna said. “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 honored to be trusted and to launch in South Africa.”
Aside from the United Kingdom and United States, the fintech company is also targeting the Nigerian market and other markets, including Indonesia and India.
*The word “halal” in Arabic means “permitted” or “lawful.” It is used in reference to any behavior or object that is permitted under Islamic law.
**Robo-advisors are a class of financial advisers that provide financial advice or investment management online with moderate to minimal human intervention.