Saudi Fintech Takadao Secures $1.6 Million in Funding for Decentralized Islamic Finance
Renowned Silicon Valley investor Tim Draper is spearheading a groundbreaking pre-Seed funding round that has secured an impressive $1.6 million for Saudi fintech firm Takadao.
Operating from its headquarters in Riyadh, Saudi Arabia, Takadao has established a global presence with its operations based in Singapore.
The company has drawn substantial investments from notable backers, including BIM, Core Vision Ventures, and Prince Sultan bin Fahad bin Salman Al Saud, in addition to Draper Associates.
Takadao specializes in community-owned financial services grounded in cutting-edge blockchain technology.
Their primary focus is on delivering Shariah-compliant savings and loans, referred to as "Takaturn," and cooperative life insurance products.
The innovative company has positioned itself to address the growing demand for Islamic finance options, especially as the global Muslim population is expected to see substantial growth in the coming decades.
By utilizing blockchain technology, Takadao extends the reach of Islamic finance while adhering to Shariah principles, making it accessible to populations around the world, including those residing in underserved banking sectors.
Sharene Lee, co-founder and COO, underscored Takadao's commitment to prioritizing the well-being of its users by offering community-owned financial services.
This user-centric approach is powered by a decentralized blockchain infrastructure and cryptocurrencies, forming the core of their pioneering system.
Takadao's product portfolio includes Takaturn, which operates on the concept of a ROSCA, and Takasure, a cooperative insurance product based on the Takaful model, scheduled for launch in June 2024.
Of particular note is Tim Draper's inaugural investment in a Saudi-based startup, highlighting his enduring legacy of championing disruptive tech ventures.
Over the years, Draper has backed early-stage projects like Baidu, Skype, and Hotmail. His support for Takadao stems from his unwavering belief in the potential impact of their authentic blockchain-based and decentralized approach, aligning seamlessly with his advocacy of Bitcoin and decentralized finance.
CEO and co-founder Morrad Irsane expressed enthusiasm about Draper's involvement, praising his forward-thinking approach and his embrace of diverse cultural viewpoints.
Presently, Takadao boasts a thriving community of more than 10,000 members, with a weekly growth rate of 5%.
Source: Startup Bahrain