Wahed, a New York-based fintech firm has expanded into the South African market after the company received a regulatory license from the Financial Sector Conduct Authority (FSCA).
The acquisition of the South African license is a huge achievement for the company as it seeks to deliver investment services in the country. Wahed is a digital Islamic investment platform currently operates in the US and UK, and has been on an expansion ambition since last year.
“We are looking forward to making an impact in South Africa, 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 honoured to be trusted and to launch in South Africa,” Junaid Wahedna, the CEO at Wahed, said.
The fintech targets Muslim markets, including Indonesia, Nigeria, and India, and has now set its sights on the local Muslim community in South Africa.
According to Wahed’s General Manager in South Africa, Rashaad Kalla, the fintech is delighted to get license to operate in South Africa as they continue providing financial products that put the customer first.
“We are delighted to provide financial products that put the customer first. South Africa has a thriving fintech ecosystem, an established banking sector and a population that is hungry to reap the benefits of a new and better way to invest,” Rashaad noted.
With the acquisition of the South African license, Wahed now has nine regulatory licenses around the world, and is now seeking to venture into international expansion.
Since its launch in 2015, the company has attracted over 200 000 customers around the world and has raised more than $40 million in funding.