Dubai Cultiv8 Investments Limited, a wholly-owned subsidiary by Mohammed Bin Rashid Fund for SME, announced a multi-million dollar investment in Wahed Invest, a New York-based Halal-focused investment firm.
The investment has been pumped into the US-based Shariah-compliant digital investment advisor through Dubai Cultiv8’s $100 million technology fund, according to a press release on Wednesday.
Dubai Cultiv8, the sharia-compliant asset management company regulated by the Dubai Financial Services Authority (DFSA), will help Wahed Invest as a long-term partner to extend capital, as well as will offer sector knowledge and regional expertise.
Arif Al Alawi, CEO of Dubai Cultiv8, said: “Partnering with disruptive FinTech startups like Wahed Invest, which is driving technological innovation in the FinTech sector, will open the door to best-in-class products that promote financial inclusion, literacy and most importantly access to ethical investment opportunities to savers from all backgrounds.”
Accordingly, Dubai Cultiv8 joins the investors’ base of the US-based startup comprising top private equity funds, sovereign entities, and prominent family offices globally.
Junaid Wahedna, CEO of Wahed, said: “Wahed Invest continues to strengthen its shareholder base with value-added strategic investors in line with Wahed’s ambitious global mission”.
In 2018, Wahed had become the first Fintech in the region to get a $100 million plus valuation due to its global growth.