Ayan Capital, a London-based Islamic fintech, has secured £2.8 million in equity funding to expand halal car finance and other Islamic finance products in the UK.
The round has been led by Cur8 Capital, a UK-based platform that offers ethical investment opportunities.
In early 2024, Ayan started providing Islamic car finance for private hire drivers such as those on Uber, Bolt and Wheely, to purchase EVs and low-carbon-emission plug-in hybrid cars.
Ayan has already financed over £3.4M, maintaining a 0% NPL rate.
In addition to this, the firm 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 previously built Alif, a banking and fintech group in Central Asia, that has over 1,300 employees and serves 3.8 million customers.
Uzair Ali, principal at Cur8 Capital, says: “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.”