Ayan Capital Secures Funding to Expand Islamic Finance
Ayan Capital, an innovative fintech company based in London, has made significant strides in the realm of Islamic finance by successfully securing £2.8 million (approximately $3.6 million) in equity funding. This investment is aimed at expanding their offerings, particularly focusing on halal car finance and various Islamic finance products tailored for the UK market. The funding round was spearheaded by Cur8 Capital, a notable UK-based platform renowned for providing ethical investment opportunities. This financial boost not only strengthens Ayan's position in the competitive fintech landscape but also aligns with the growing demand for halal financial solutions, particularly among the Muslim community in the UK.
In early 2024, Ayan Capital initiated its services by providing Islamic car finance specifically designed for private hire drivers, including those operating on popular platforms like Uber, Bolt, and Wheely.
The introduction of financing options for electric vehicles (EVs) and low-carbon-emission plug-in hybrids demonstrates Ayan's commitment to sustainability and eco-friendliness. Remarkably, the company has already financed over £3.4 million, maintaining a 0% non-performing loan (NPL) rate, thanks to its advanced data-driven underwriting technology. Ayan's proficiency in leveraging technology to enhance traditional lending practices positions it favorably in the fast-evolving finance sector.
Ayan Capital has experienced tremendous growth, particularly in its halal car financing segment, recording an impressive 97% month-on-month increase in November. Additionally, the company recently launched AyanPay, a 0% financing service for car repairs and home improvements, enabling customers to finance purchases up to £20,000 over a period of 12 months. The team behind Ayan boasts a wealth of experience, having previously established a leading Islamic digital bank in Central Asia, as well as a pioneering IT academy. With an ambition to evolve into a global Islamic neobank, Ayan is dedicated to addressing the unmet financial needs of the 1.7 billion unbanked individuals worldwide, nearly half of whom reside in Muslim-majority countries. As Ayan Capital continues to expand its offerings, it is poised to become a pivotal player in the Islamic finance landscape, striving to deliver more user-friendly and accessible financial services that align with the ethical values of its customers.
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