UK-based IslamicFinance Guru has raised £3 million ($4.12 millilon) in a seed round that the company says it will use to expand its team, and invest in its product and technology.
The round was led by Outward VC with participation from B&Y Venture Partners. Outward VC is a fintech specialist and an early backer of Curve, PrimaryBid and Monese, and B&Y Venture Partners was an early backer of Onfido.
IslamicFinance Guru co-founders Ibrahim Khan and Mohsin Patel started the company in 2015 as a blog providing content about Islamic finance.
It has grown to a team of ten and the platform also includes a comparison engine and proprietary Shariah-compliant products, including Islamic wills. It attracts over 120,000 users each month, according to the company in a statement on Monday (July 19).
The company will use the new funds to expand its team across product, tech, business development and content.
"IslamicFinance Guru now intends to leverage the foundations built to date by further developing and rolling out a unified and personalised Islamic finance platform, providing the 1.9 billion Muslims globally with everything they need to manage their investments and personal finances with complete confidence, but without having to compromise on their religious values," said the company.
It added that it has already secured incoming senior talent from Metro Bank, OakNorth and late-stage German startup, Taxfix.
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