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, a New York-based fintech startup that describes itself as the world鈥檚 first halal robo adviser, announced today that it has raised $25 million in a funding round.

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聽(also known as Wa’ed Ventures) the venture capital arm of , led the financing for Wahed (which means “one” in Arabic).

Existing backers and , as well as and Rasameel, also participated in the round. With the latest financing, Wahed has now raised a known $40 million in funding since its 2015 founding by , according to Crunchbase .

Wahed raised $8 million in a seed round in October 2018 that valued the company at $100 million post-money, according to . It is not clear at what valuation this latest round was raised.

In 2016, Wahed what it describes as the 鈥渨orld’s first automated Islamic investment platform, with the aim of providing access to halal portfolio management for 2 billion Muslims around the world.鈥� The proprietary platform uses real-time software the company says is fully automated and uses customized financial optimization algorithms.

The company said it plans to use its new capital mainly toward building out its subsidiary in Saudi Arabia. It currently has more than 100,000 clients globally.

Last October, Wahed after the Malaysian Securities Commission awarded the company with that country鈥檚 first Islamic Robo Advisory license. And last May, Wahed announced it was .

The platform, which was previously available only to U.S. and U.K. communities, as of May 2019 provided access to 鈥淚slamic value-based investing鈥� to residents of over 130 countries including Nigeria, India, Pakistan and the MENA region.

In a written statement, Wa’ed Ventures managing director聽Wassim Basrawi said: “We believe in Wahed鈥檚 mission to provide ethical investing. The company has taken the lead in聽delivering investment services to one of the world鈥檚 fastest growing sectors 鈥� Islamic Finance.聽Wahed is also, in the true spirit of FinTech, helping to broaden the investment landscape.”

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