Halal vehicle finance fintech Ayan Capital has secured a significant £25 million in Shariah-compliant financing from institutional debt provider Partners for Growth (PFG).
The funding will fuel Ayan’s continued growth in the £21.7 billion UK used car finance market and accelerate the roll-out of its newly launched lifestyle finance product, Ayan Pay - a 0% car repair and home improvement service. AyanPay enables customers to finance purchases for up to £20,000 for 12 months.
This latest funding follows Ayan Capital’s recent £3.4 million Pre-Series A round
The raise marks a key step in Ayan’s ambition for a future £75-100 million Shariah-compliant debt raise, building towards a goal of financing £100 million by 2026 and setting the stage for a future UK banking licence application.
Islamic finance remains hugely underserved in the UK, despite a Muslim population projected to hit 10 million by 2050 and a growing appetite for halal financial alternatives.
Ayan Capital was co-founded by CEP Abdullo Kurbanov, a former co-founder of Alif Bank in Central Asia, which serves over four million customers and whose digital transactions grew by 30x over three and a half years.