Islamic car finance platform Ayan Capital is aiming to raise up to £25 million in Series A debt and equity funding following a successful £2.3m seed round
Ayan Capital provides UK drivers with access to professional and business car financing of up to £50,000, fully compliant with Islamic finance principles.
In the long term, the fintech startup plans to establish a neobank – a type of direct bank that operates exclusively using online banking without traditional physical branch networks that challenge traditional banks – focused on serving the Islamic population in the UK, with broader expansion plans for Europe.
Founded by the team behind Alif Bank, the Islamic fintech enterprise now operates in four countries, serving over two million clients, with a current run-rate revenue of US$78 million.
Abdullo Kurbanov, CEO and co-founder of Ayan Capital, stated: “Since our launch, the market response in the UK has been overwhelmingly positive. Our mission is to meet the growing demand for private hire vehicle lending in the UK based on the principles of Islamic finance.
“We are at an exciting juncture. The UK car finance market is expanding, and there is a significant demographic of drivers from Muslim backgrounds in need of Sharia-compliant financial products.
“Private EV and hybrid car loans are popular among drivers for companies like Uber, Bolt, Blacklane, and Wheely, and we expect further demand growth.
“Our product is open to everyone, with about 10% of our current customers from non-Muslim backgrounds.”
He said the recently closed seed funding is a testament to the current services and future potential of Ayan Capital in transforming Islamic finance in the UK.
