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Ayan Capital, a London-based Islamic fintech, has raised £2.8 million ($3.6 million) in equity funding to further expand its range of halal financial products in the UK, with a particular focus on Islamic car finance.
The funding round was led by Cur8 Capital, a UK-based platform offering Sharia-compliant wealth management.
Since its launch in early 2024, Ayan has been providing Islamic car finance for private hire drivers, including those working for services like Uber, Bolt, and Wheely, to purchase electric vehicles (EVs) and low-carbon-emission plug-in hybrid cars.
The company has financed over £3.4 million to date and maintains a 0% non-performing loan (NPL) rate, attributed to its advanced, data-driven underwriting technology.
Ayan continues to grow rapidly, achieving a 97% month-on-month growth rate in November, as it expands its halal car financing offering. In addition to car finance, Ayan recently introduced AyanPay, a 0% financing service for car repairs and home improvements, allowing customers to make purchases of up to £20,000 with a 12-month repayment plan.
The company was founded by a team with prior experience building Alif, the leading Islamic digital bank in Central Asia, and Alif Academy, a programming school that has educated over 3,000 graduates. Ayan aims to evolve into a global Islamic neobank, addressing the unmet demand for halal financial services in both developed and emerging markets. The company points out that nearly half of the world’s 1.7 billion unbanked individuals reside in Muslim-majority countries.
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By GlobalData
With a growing demand among younger generations, particularly among Muslim Gen Z, for banking that aligns with their values, Ayan is positioning itself to tap into a large, underserved market. According to Uzair Ali, Principal at Cur8 Capital, Ayan’s impressive growth in car finance and its broader vision for a digital Islamic neo-bank make the company an exciting prospect.
Abdullo Kurbanov, CEO and Co-founder of Ayan, expressed gratitude for the funding and noted that it would help address gaps in the UK’s competitive fintech market. He highlighted customer dissatisfaction with long waiting times and hidden fees, positioning Ayan as a solution while remaining committed to its Islamic principles.
Founded in 2023, Ayan Capital offers a range of halal financial products, including car finance, rent-to-buy options for private hire drivers.
Explainer: What is Islamic car finance?
Ayan Capital targets £25m in Series A funding for Islamic car finance platform
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