London-based Fintech Mnaara Raises $500,000 In A Pre-Seed Funding Round

Mnaara.com, a fintech company based in London, has secured $500,000 in a pre-seed funding round. Investors across the Middle East, Singapore, the United Kingdom, and the United States led the funding round.

Mnaara raises $500,000 in a pre-seed round

Mnaara.com is a startup company that gives investors access to global private funds while remaining compliant with the principles of Islamic finance. Mnaara will launch its all-digital investment platform later this year to give users equal access to global private markets compliant with Shariah law.

The funds raised in this funding round comply with Shariah law’s strict screening guidelines. Shariah guidelines usually limit and control non-ethical activities in Islamic finance, including alcohol, arms, gambling, and tobacco. It also limits activities that result in generating income from interest.

Islamic financial guidelines also look into issues such as excessive leverage and financial derivatives. The platform makes it easy for investors to access a platform compliant with Shariah law, making private financial markets accessible to all.

“Currently, those who want to diversify their investments while maintaining a Shariah-compliant portfolio have extremely limited options. We feel it is important that private markets are open to all, which is why we have created Mnaara,” the founder and CEO of Mnaara, Saad Adada, said.

Fintech firms continue to raise funding

Fintech companies have been struggling to get funding, according to a report by KPMG. The report noted that funding into fintech firms during the first six months of 2023 had dropped significantly. The drop has been attributed to the negative economic outlook and the geopolitical tensions that have affected the operations of fintechs in the country.

However, the negative outlook has not prevented some fintechs from continuing to receive funding. SphereX, a cyber startup working on helping the cryptocurrency community block suspicious transactions, has raised $8 million in a funding round. This funding round will help the company secure partnerships with Web3 developers that want to work with the startup.

SphereX launched a SphereX Protect product that offers advanced security solutions for smart contracts. This company was founded by veterans of the Israeli military, with the team comprising experts in cyber, blockchain, and machine learning to help address hacking exploits in the blockchain industry.

Endowus, an Asian digital wealth management platform, also secured $35 million in a funding round that attracted investors such as Citi, UBS, and MUFG. Endowus is a platform that provides access to private wealth and public pension savings, allowing investors to grow money using expert advice and accessing institutional investment options.

Endowus has witnessed notable growth despite the challenging market conditions. The company reported significant growth over the past year, with the asset surpassing $5 billion. Last year, the company reported an 80% growth in revenue, with the group revenue increasing three times after acquiring Carret Private.