LONDON-BASED Islamic fintech Ayan Capital has raised US$3.6 million in equity funding to expand its halal car finance offerings. The funding round was led by a prominent ethical investment platform, Cur8 Capital.
“We are humbled by and grateful for the trust our investors have put in us. This funding will help us roll out several new tech-driven products in the UK market, where, despite a highly competitive fintech ecosystem, we see major pockets of broken customer experiences, long waiting times and hidden commissions.
“We now have an opportunity to participate in solving these challenges while remaining true to our values and principles,” said Ayan Capital Chief Executive Officer (CEO) and Co-founder Abdullo Kurbanov.
Ayan has provided Islamic car finance services aimed at private hire drivers using platforms like Uber, Bolt, and Wheely since early 2004. This service enables drivers to purchase environmentally friendly vehicles, including electric vehicles (EVs) and plug-in hybrid cars with low carbon emissions.
Ayan has financed over UK£3.4 million in car loans since its founding while maintaining a 0 per cent non-performing loan (NPL) rate. Not to mention, the company reported a remarkable 97 per cent month-on-month growth in November for its halal car financing operations.
Building on its success, Ayan has recently launched AyanPay, a 0 percent financing solution for car repairs and home improvement services. AyanPay allows customers to access financing of up to UK£20,000 for 12 months, broadening its appeal to a broader consumer base.
Now, the company aspires to evolve into a global Islamic digital neobank to address the financial needs of people, especially in Muslim-majority countries. The company also plans to launch new Shariah-compliant financial products in the UK.
