Maliyya, a Sharia compliant P2P financing and investing platform, has closed a $1.3m seed round from Ground1 Ventures.
Dubai-based Maliyya is a financing and investment marketplace that connects lenders and borrowers. Through the platform, a borrower applies for a loan, which can then be backed by investors from around the world.
Lenders can contribute as little as $100, and build up a portfolio with attractive risk, and profits. The company hopes to become a primary P2P lending platform in the Middle East, North Africa and Asia.
Capital from the round will be used to accelerate product and technology development, as well as expanding its team.
Following the investment, Rizwan Warsi will join the company as CTO. In this position, Warsi will support the engineering team and the evolution of the platform. Ground1 Ventures CEO Gerry McGowan will also support the company as an executive advisor.
Maliyya recently graduated from the first cohort of the UAW-based DIFC Fintech Hive Accelerator, which launched last year. The company is currently in Bahrain’s Cloud10 Scalerator Program of C5 Accelerate.
Dubai and Australia formed an agreement to cooperate on FinTech, last year. The Dubai Financial Services Authority (DFSA) and Australian Securities & Investment Commission (ASIC) made a deal to promote and support each other’s FinTech Market.
Bahrain FinTech Bay, a hub for startups in the Middle East and Africa, launched its first cohort of companies and named its founding partners, which includes BNP Paribas and Bank of Bahrain and Kuwait.
Last year, Sharia-compliant ethical investing platform Wahed closed a $7m seed investment from Cue Ball Capital and BECO Capital. The company, based in New York, helps investors create a portfolio from as little as $100 and uses robo-advisors to help create the ideal investments.
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