Ayan Capital, a London-based Islamic fintech, has secured £2.8 million in equity funding to develop halal car finance and other Islamic financial products in the UK.
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The round was led by Cur8 Capital, a UK-based platform that provides ethical investment opportunities.
In early 2024, Ayan began offering Islamic car financing to private hire drivers such as those from Uber, Bolt and Wheely, to purchase low-carbon electric vehicles and plug-in hybrid cars.
Ayan has already funded over £3.4 million, maintaining a 0% NPL rate.
In addition to this, the company recently launched AyanPay, a 0% auto repair and home improvement service. AyanPay allows customers to finance purchases up to £20,000 for 12 months.
The team behind Ayan previously established Alif, a banking and fintech group in Central Asia, which has more than 1,300 employees and serves 3.8 million customers.
Uzair Ali, Director of Cur8 Capital, said: “With 85% of Gen Z Muslims looking to bank in line with their values, Ayan is tackling a massive market. They have impressively moved from auto financing to broader solutions, in line with their vision of creating a digital Islamic neo-bank. With Abdullo’s proven experience and the team’s deep expertise, we are very excited about what’s next.