Ayan Capital, an Islamic car finance platform tailored for private hire vehicle (PHV) drivers, seeks to raise up to £25 million in Series A debt and equity funding. This new funding round follows the successful closure of a £2.3 million debt and equity seed round.
Ayan Capital provides UK drivers with access to professional and business car financing up to £50,000, fully compliant with Islamic finance principles. This service targets the significant demand for such products among PHV drivers, the majority of whom are Muslim. In the long term, the fintech startup aims to establish a neobank dedicated to serving the Islamic population in the UK, with broader expansion plans for Europe.
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The team behind Ayan Capital is also responsible for the success of Alif Bank, a leading name in Islamic fintech. Over the past decade, they have built Alif Bank into a major Islamic fintech enterprise in Central Asia, currently operating in four countries and serving more than two million clients, with a current run-rate revenue of US$78 million.
Abdullo Kurbanov, CEO and co-founder of Ayan Capital, said: “Since Ayan Capital’s launch, the market response in the UK has been overwhelmingly positive. 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 need Sharia-compliant financial products. Private EV and hybrid car loans are popular for those who drive for companies like Uber, Bolt, Blacklane, Wheely, 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 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.”
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By GlobalDataAs Ayan Capital moves forward with its funding efforts, it remains committed to expanding its reach and impact in the Islamic finance sector, both in the UK and beyond.
Shariah-compliant motor finance platform Ayan Capital launches in UK
Halal car finance: driving diversity and choice in the UK vehicle financing sector
