Islamic lender Ayan Capital looks to raise up to $32m in funding 

Islamic car finance platform Ayan Capital is looking to raise up to £25 million ($31.86 million) in Series A debt and equity funding, 

The funding round follows recently closed £2.3 million ($2.9 million) debt and equity seed funding. 

The platform for private hire vehicle (PHV) drivers gives UK-based motorists access to Shariah-compliant professional and business car financing of up to £50,000. 

The fintech startup aims to build a neobank ‘in the long run’, focused on serving the UK’s Muslim population, with expansion plans across Europe. 

Abdullo Kurbanov, CEO and co-founder of Ayan Capital, said that their mission is to address growing demand for private hire vehicle lending in the UK, based on the principles of Islamic finance. 

“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.”