Ayan raises £2.8m in funding towards mission of halal finance
Ayan Capital, a London-based fintech, has successfully raised £2.8 million in equity funding which will be used to expand halal car finance and other Islamic finance products in the UK.
Ayan began providing Islamic car finance for private hire drivers, like those on Uber or Bolt, in early 2024, so they could purchase EVs and low-carbon-emission plug-in hybrid cars.
To date, Ayan has already financed over £3.4 million and maintained a 0% NPL rate thanks to the data-driven underwriting technology and systems it uses.
Drawing on its proprietary technology and Islamic finance expertise, the company is fulfilling growing demand for halal finance in the country.
It is continuing to scale its halal car financing, having achieved 97% month-on-month growth in November. In addition to this, Ayan recently launched AyanPay – a 0% car repair and home improvement service. AyanPay enables customers to finance purchases for up to £20,000 for 12 months.
The team behind Ayan built the leading Islamic digital bank in Central Asia along with a pioneering IT academy.
Ayan now aims to grow into a global Islamic neobank to address the unmet demand in both developed and emerging markets, noting that almost half of the world’s 1.7 billion unbanked population comes from Muslim majority countries. Ayan’s mission is to build a technology-driven ecosystem of halal financial services that are more convenient, affordable and user-friendly than the conventional alternatives.
“With 85% of Gen Z Muslims seeking to bank in line with their values, Ayan is going after a massive market. They have scaled impressively from car finance to broader solutions in line with their vision to build a digital Islamic neo-bank. With Abdullo's proven track record and the team’s deep expertise, we are very excited for what comes next.," said Uzair Ali, Principal at Cur8 Capital.
“We are humbled by and grateful for the trust our investors have put in us. This funding will help us roll out a number of 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," added Abdullo Kurbanov, CEO and Co-Founder, Ayan Capital.
