Ayan Capital secures £2.3m in debt and equity seed funding to scale its car finance platform
The London-based car finance platform has closed a £2.3m debt and equity seed round.
Ayan Capital is a London-based Islamic fintech company that provides ethical car finance and related financial products. The firm utilises proprietary data-driven underwriting technology to serve the UK market.
Ayan Capital has secured £2.3m in a combined debt and equity seed round. The fresh capital follows the launch of the London-based car finance platform, which caters primarily to private hire vehicle drivers seeking Sharia-compliant financial products.
Building on the founding team's experience with Alif Bank, the fintech startup plans to use the latest backing to scale its operations in the UK. The company also has longer-term ambitions to develop a broader neobank offering focused on the Islamic population across Europe.
From the founder
"Since Ayan Capital’s launch, the market response in the UK has been overwhelmingly positive. Our mission is to address the growing demand for private hire vehicle lending in the UK, based on the principles of Islamic finance. We find ourselves at an exciting intersection. The UK car finance market is growing, and there is a clear demographic of drivers from Muslim backgrounds who are in need of Sharia-compliant financial products. Private EV and hybrid car loans are popular for those who drive for companies like Uber, Bolt, Blacklane, Wheely, etc. and we are likely to see further demand increase. The product is open to everyone, and approximately 10% of our current customers are from non-Muslim backgrounds. The seed funding that we’ve recently closed is a testament to the current services and future potential of Ayan Capital in transforming Islamic finance in the UK. We are proud to have a committed group of investors with a wealth of experience becoming part of our story, and look forward to welcoming many more."
Abdullo Kurbanov
CEO and Co-founder at Ayan Capital
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About the company
Ayan Capital
Islamic fintech provider offering halal car finance and ethical financial products.