By Aisling Finn on Monday 9 August 2021
The halal investment platform is currently live in 130 countries, with plans to expand to more thanks to WealthKernel’s help.
Investing can be a tricky world to navigate, especially when you’re looking for a platform that aligns with your religious beliefs.
Wahed, a US-based investment app that offers users halal and ethical investments, is now gearing up to launch in the UK with the help of investment infrastructure provider WealthKernel.
The two fintechs initially joined forces in 2017 to help build Wahed’s robo-advisor, the first automated halal robo advisor in the world.
“Having supported Wahed from early-on in its journey, it’s incredibly exciting to not only see how their business has grown since then, but also that we are now helping them to take their offering to the next level,” Karan Shanmugarajah, CEO and founder of WealthKernel, said.
“Wahed is a prime example of the kind of investment business that WealthKernel wants to help empower - as someone bringing accessible financial services to underserved markets, with responsible investing, and exceptional customer experience at its core.”
Thanks to strong growth in the US, Wahed is now ready to jump across the pond and launch here in the UK, offering customers affordable and sharia-compliant investment services.
By using WealthKernel’s API, Wahed can quickly onboard new customers on both its mobile and desktop apps and complete KYC (Know Your Customer) checks using photo and document upload identification.
“Through working with WealthKernel, Wahed has been able to specifically tailor the services it provides to its customers, and bring them an investment product they can have full faith in,” Umer Suleman, UK general manager of Wahed, added.
“With our new app now launched in the UK, we hope to further encourage not only Muslim investors to engage with us, but also those looking to make socially responsible investments.”
Wahed offers its investment services in 130 countries across the globe and has now set its sights on becoming a one-stop shop for socially responsible investing here in the UK.
The new API eliminates the need to build the infrastructure in-house and accelerates the speed at which they can deploy new products and comes after increased demand for JISAs as the government increased the tax-free allowance from £4,500 up to £9,000 earlier on this year.
WealthKernel is a portfolio company of ETFS Capital, the owner of AltFi and ETF Stream.