Ayan Capital, a London-based Islamic fintech, has raised £2.8 million in equity funding to enhance halal car finance and other Islamic finance offerings in the UK.
The funding round was led by Cur8 Capital, a platform focused on ethical investment opportunities.
In early 2024, Ayan began providing Islamic car finance specifically for private hire drivers using services like Uber, Bolt, and Wheely, enabling them to purchase electric vehicles (EVs) and low-carbon-emission plug-in hybrids.
To date, Ayan has financed over £3.4 million, boasting a 0% non-performing loan (NPL) rate. Additionally, the firm recently introduced AyanPay, a service that offers 0% financing for car repairs and home improvements, allowing customers to make purchases of up to £20,000 over a 12-month period.
The team at Ayan previously established Alif, a banking and fintech group in Central Asia that employs over 1,300 staff and serves 3.8 million customers.
Uzair Ali, principal at Cur8 Capital, remarked, “With 85% of Gen Z Muslims seeking to bank in line with their values, Ayan is targeting a significant market. They have scaled impressively from car finance to broader solutions aligned with their vision of creating a digital Islamic neo-bank. With Abdullo’s proven track record and the team’s extensive expertise, we are very excited about what lies ahead.”