Islamic automotive finance platform Ayan Capital seeks £25m funding for progress

Islamic automotive finance platform Ayan Capital is aiming to lift as much as £25 million in Sequence A debt and fairness funding following a profitable £2.3m seed spherical

Ayan Capital gives UK drivers with entry to skilled and enterprise automotive financing of as much as £50,000, totally compliant with Islamic finance rules.

In the long run, the fintech startup plans to ascertain a neobank – a sort of direct financial institution that operates completely utilizing on-line banking with out conventional bodily department networks that problem conventional banks – centered on serving the Islamic inhabitants within the UK, with broader enlargement plans for Europe.

Based by the staff behind Alif Financial institution, the Islamic fintech enterprise now operates in 4 nations, serving over two million purchasers, with a present run-rate income of US$78 million.

Abdullo Kurbanov, CEO and co-founder of Ayan Capital, said: “Since our launch, the market response within the UK has been overwhelmingly optimistic. Our mission is to fulfill the rising demand for personal rent automobile lending within the UK primarily based on the rules of Islamic finance.

“We’re at an thrilling juncture. The UK automotive finance market is increasing, and there’s a vital demographic of drivers from Muslim backgrounds in want of Sharia-compliant monetary merchandise.

“Personal EV and hybrid automotive loans are in style amongst drivers for corporations like Uber, Bolt, Blacklane, and Wheely, and we anticipate additional demand progress.

“Our product is open to everybody, with about 10% of our present clients from non-Muslim backgrounds.”

He mentioned the lately closed seed funding is a testomony to the present companies and future potential of Ayan Capital in reworking Islamic finance within the UK.