70% of Islamic fintechs expect to raise equity funding in 2020 - survey
Access to capital is seen as the biggest barrier to growth for Islamic fintechs but 70% expect to raise equity funding in 2020, said a new study released on Tuesday (Dec 10).
The expected average funding size is $7 million, according to the study from London-based digital finance firm Elipses in collaboration with the UK Islamic Fintech Panel.
The study is based on a survey with 180 companies worldwide across five categories: fintechs (50%), ecosystem players such as incubators and accelerators (22%), service providers such as law firms (16%), financial institutions (8%), and investors (4%), Elipses Co-founder and Principal, Abdul Haseeb Basit told Salaam Gateway.
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