Ayan Capital, an Islamic car finance platform for private hire vehicle drivers, is looking to raise up to £25 million in Series A debt and equity funding.
The London firm recently closed a £2.3m debt and equity seed round.
Ayan Capital gives UK drivers access to professional and business car financing of up to £50,000 that is fully compliant with Islamic finance principles, capturing the demand for such products among PHV drivers, the majority of whom – according to the company – are Muslim.
In the long run, the FinTech startup aims to build a neobank focused on serving the Islamic population in the UK with wider expansion plans for Europe.
Ayan Capital was founded by the same team responsible for the success of Alif Bank, a prominent name in Islamic FinTech. Before establishing Ayan, the founding team spent over a decade building Alif Bank into a leading Islamic FinTech enterprise in Central Asia, now operating in four countries and serving more than two million clients, with a current run-rate revenue of $78m.
“Since Ayan Capital’s launch, the market response in the UK has been overwhelmingly positive,” said Abdullo Kurbanov, CEO. “Our mission is to address the growing demand for private hire vehicle lending in the UK, based on the principles of Islamic finance.
“We find ourselves at an exciting intersection. The UK car finance market is growing, and there is a clear demographic of drivers from Muslim backgrounds who are in need of Sharia-compliant financial products.
“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.
“The seed funding that we’ve recently closed is a testament to the current services and future potential of Ayan Capital in transforming Islamic finance in the UK.
“We are proud to have a committed group of investors with a wealth of experience becoming part of our story, and look forward to welcoming many more.”