Ayan Capital targets £25m in Series A funding for Islamic car finance platform
Summary
Ayan Capital, an Islamic car finance platform tailored for private hire vehicle (PHV) drivers, seeks to raise up to \xa325 million in Series A debt and equity funding. 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 Capitals 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.