US-based Islamic fintech startup Wahed, which is also backed by Saudi Aramco, will enter the UK market through the acquisition of UK-based fintech Niyah. Niyah, which was launched earlier this year, aims to help the underserved British muslim community easily manage their money.
With regard to the acquisition of Niyah, Junaid Wahedna, chief executive officer of Wahed told the media, “We are excited about welcoming Niyah to our business. Our vision of creating a parallel financial ecosystem that helps minimise wealth inequality is one step closer as clients will now be able to allow their savings to work for them without partaking in the traditional money lending infrastructure. It’s a perfect fit for us and for our customers.”
“Outside the Islamic world, the UK has a long standing reputation as a leading fintech hub and a major centre for Islamic finance. Acquiring Niyah and launching our first banking services here enables us to leverage the opportunities that Britain’s unique financial hub brings, and to tap into a wide and underserved customer base that is receptive to our service offering.”
Wahed is planning to offer its customers in the UK services such as digital bank accounts, debit cards and investments through an designated mobile application. Once established in the UK, the Saudi-backed fintech also plans to expand its operations into other parts of the world such as Asia Pacific, Europe and the Middle East. According to the startup, the acquisition would enable it to become a one-stop-shop for Islamic law-compliant digital financial products and services.