London-based mobility and financial services platform GoCab has secured $45 million in new financing — including $15 million in equity and $30 million in debt — to support its expansion across African markets and develop its Shariah-compliant vehicle financing model.

The equity round was led by E3 Capital and JANNGO Capital, with participation from KawiSafi Ventures and Cur8 Capital, while Cur8 Capital and other lenders provided the debt financing. As part of the transaction, Vladimir Dugin of E3 Capital and Fatoumata Bâ of Janngo Capital will join GoCab’s board, reflecting investor support for the company’s growth strategy.

GoCab operates a fintech-enabled mobility platform that allows ride-hailing and delivery drivers to acquire vehicles through Shariah-compliant financing structures. Drivers make daily payments and typically gain full ownership within about three years, with digital tools enabling them to track ownership progress and manage repayments.

The company currently operates in Côte d’Ivoire, Senegal, Morocco, Chile and Nigeria, employing approximately 120 people. According to the company, it generates more than $17 million in annual recurring revenue and has financed over 1,000 vehicles since launch.

Investment firm Shorooq on Monday launched a Qatar-backed $200 million fund aimed at supporting late-stage companies preparing for initial public offerings (IPOs), as the region sees growing demand for capital to take mature businesses to public markets.

The late-stage growth vehicle, part of Shorooq’s Qatalyst Series, will provide equity financing to established companies across the Gulf Cooperation Council (GCC) and Asia, with a focus on helping businesses strengthen governance, scale operations and achieve public-market readiness.

The Qatar Investment Authority (QIA) is an anchor investor in the fund, which was unveiled at Web Summit Qatar 2026, underscoring Qatar’s continued role in backing regional growth and capital markets development.

According to Shorooq, the fund will target companies with proven scale, strong fundamentals and sustainable unit economics that are positioned to pursue listings locally or internationally.

Investment priorities include fintech infrastructure, software and artificial intelligence, sectors where Shorooq sees a pipeline of mature companies seeking capital to bridge the gap between private growth and public listings.

Qatar Investment Authority (QIA) is seeking to expand its venture capital (VC) initiative by $2 billion, raising the programme's total capital commitment to $3 billion. 

Qatar’s Prime Minister Sheikh Mohammed bin Abdulrahman bin Jassim Al-Thani, who announced the expansion in his address at the Web Summit Qatar held in Doha, said the year 2026 would mark a shift from momentum to scale. 

QIA’s Fund of Funds program, which currently supports 12 regional and international fund managers in Qatar, will welcome five new VC funds into its fold. 

The new funds represent specialities across AI, fintech, blockchain, infrastructure and special situations, the sovereign wealth fund said in a statement on Sunday.

“With an aggregate AUM of nearly $10 billion the new funds joining the program will support our efforts to develop Qatar as a regional hub for VC expertise,” said Mohammed Saif Al-Sowaidi, CEO of QIA. 

“While Doha represents the first international office for many of our funds, these managers are also encouraging their portfolio companies to establish their regional HQ here – further positioning Doha as a hub for entrepreneurs.”

The five VC funds joining the initiative include the $4-billion multi-stage, multi-strategy VC firm Greycroft; Ion Pacific, a VC structured secondaries and special-situations manager with approximately $700 million under management; and Liberty City Ventures, a VC fund and incubator with $2.4 billion of assets under management. 

Others include tech-focused investment firm Shorooq and European VC firm Speedinvest, with more than €1.2 billion in assets under management and six offices across EMEA. 

The Fund of Funds program, launched during the Web Summit event in 2024, has since commitment north of $1 billion to regional and global VC firms. 
 

Egyptian fintech NowPay has entered the Saudi market through a new joint venture with Tas’heel, launching a platform aimed at providing Shariah-compliant payroll and employee financial wellness services across the Kingdom.

The venture, called NowAccess, has been established with a $20 million investment from Tas’heel, which will hold a 75% stake, while NowPay owns the remaining 25%. The partnership combines NowPay’s payroll-linked financial technology with Tas’heel’s nationwide network of more than 310 service locations to distribute services to employers and employees.

The move follows a memorandum of understanding agreed earlier this year and comes as Saudi Arabia continues to see rising demand for locally compliant payroll and employee benefits solutions. According to United International Holding, Tas’heel’s parent company, NowAccess is intended to operationalise that agreement and scale services quickly within the Saudi enterprise sector.

NowAccess will offer payroll administration, HR integrations and salary-linked financial tools, including earned wage access, designed to meet Saudi regulatory requirements and Shariah standards. The companies said the focus is on reducing payroll friction for employers while giving employees access to structured financial services linked to their salaries.

The $20 million investment will be used to build a Saudi-based engineering and operations team and to localise products for compliance, payments infrastructure and customer support. Initial market entry will involve pilot programmes with employers, followed by a phased rollout across sectors that already prioritise payroll benefits.

Abu Dhabi Islamic Bank (ADIB) has rolled out Open Finance services, becoming one of the first banks in the UAE to implement the framework under AlTareq, the Central Bank of the UAE’s Open Finance Initiative, as the country advances its regulated data-sharing ecosystem.

The move aligns with the CBUAE’s 2023–2026 digital transformation strategy and marks a milestone in the UAE’s Open Finance journey, allowing customers to securely share financial data and access a wider range of integrated digital services across institutions.

ADIB said the first phase of implementation has been completed, covering regulatory and technical requirements, with financial transactions now processed through secure, CBUAE-certified application programming interfaces (APIs).

The launch follows the recent introduction of the UAE’s Nebras framework, which enables licensed financial institutions to deploy Open Finance services in a regulated and secure manner, positioning the country alongside markets such as the UK and Singapore.

ADIB said it plans to expand Open Finance-enabled customer journeys in the next phase, focusing on greater financial transparency, improved decision-making, and more seamless digital experiences across accounts, products, and institutions.

Wahed has launched a suite of UCITS equity exchange-traded funds (ETFs) in Europe that combine Shariah screening with an additional discretionary review based on Islamic ethical and human rights principles, following approval from the Central Bank of Ireland.

The Ireland-domiciled ETFs are designed to meet standard Shariah requirements, including the exclusion of sectors such as alcohol, gambling and conventional financial services, while also applying an added values-based assessment intended to address broader ethical considerations.

Mohsin Siddiqui, chief executive of Wahed, said the additional screening reflects core Islamic principles that extend beyond financial compliance. “Principles such as responsibility, the protection of human dignity and the avoidance of harm are embedded in Shariah,” he said, adding that the framework is intended to apply those values to contemporary global challenges.

Under the additional review, Wahed evaluates companies across three areas: the severity of potential harm, a firm’s involvement in enabling or benefiting from harm, and its willingness to address concerns and improve practices. The assessment draws on external sources including frameworks and databases from the UN Office of the High Commissioner for Human Rights, the American Friends Service Committee, the Uyghur Forced Labor Prevention Act Entity List, and Norway-based pension fund ethics reviews.

The ETFs are structured as actively managed funds, allowing Wahed to adjust holdings in response to emerging humanitarian or ethical concerns, the company said.

Wahed operates across markets including the UK, the United States, Malaysia and the UAE, and manages more than $1 billion in assets globally. The launch expands its presence in the European fund market and adds to its existing Shariah-compliant investment offerings.

Abu Dhabi-headquartered Islamic digital bank, Mal, has raised the largest seed round in Middle East and Africa, as it gears up for launch later this year.  

The Islamic fintech raised $230 million in seed funding, led by global investment platform BlueFive Capital, alongside other strategic investors and family offices. 

The funding will accelerate product development, licensing efforts in multiple markets, and the go-to-market strategy, the company said in a statement. 

“Islamic finance is a $7 trillion space with no single global banking leader. With Mal, we aim to bridge that gap and bring cutting-edge fintech solutions to every underserved community globally.” said Abdallah Abu-Sheikh, founder of Mal. 

The mobile-first bank, which is currently under development, will be rolled out in phases, expanding into key Middle Eastern and Asian markets with localized offerings tailored according to each region. Mal does not yet hold any banking or financial services license.