Ayan Capital, a London-based Islamic fintech co-founded by Abdullo Kurbanov, has raised $3.6 million in equity funding to expand its range of halal financial solutions in the UK. Kurbanov, renowned for building Central Asia’s leading Islamic digital bank, Alif, brings his expertise to the UK market, aiming to transform Islamic finance. The funding round was led by Cur8 Capital, a UK-based platform specializing in ethical investments.
In early 2024, Ayan Capital launched its halal car finance program targeting private hire drivers, including Uber, Bolt, and Wheely, enabling them to purchase electric vehicles (EVs) and low-emission plug-in hybrid cars. The initiative has seen impressive traction, with Ayan financing over £3.4 million to date and maintaining a 0% non-performing loan (NPL) rate, thanks to its proprietary data-driven underwriting technology.
The company has achieved a remarkable 97% month-on-month growth in halal car financing as of November. Building on this momentum, Ayan recently introduced AyanPay, a 0% finance service for car repairs and home improvements, allowing customers to borrow up to £20,000 for 12 months interest-free.
Ayan’s broader mission is to grow into a global Islamic neobank, addressing the unmet demand for Shariah-compliant financial services in both developed and emerging markets. Kurbanov notes that nearly half of the world’s 1.7 billion unbanked population resides in Muslim-majority countries, presenting a significant opportunity.
“We aim to create a technology-driven ecosystem of halal financial services that are more affordable, accessible, and user-friendly than conventional alternatives,” said Kurbanov.
Ayan’s founders bring an impressive track record to the table, having previously built Alif, a banking and fintech group serving 3.8 million customers across Central Asia. Alif has over 1,300 employees and includes Alif Academy, which has graduated more than 3,000 students from its free programming courses.
Uzair Ali, Principal at Cur8 Capital, commented:
“With 85% of Gen Z Muslims seeking to bank in line with their values, Ayan is tapping into a massive market. Abdullo’s proven track record and the team’s deep expertise give us confidence in their vision of building a digital Islamic neobank. Their scaling from car finance to broader solutions has been extraordinary.”
Cur8 Capital’s investment will enable Ayan to introduce new technology-driven products in the UK, addressing issues such as long waiting times, hidden fees, and broken customer experiences in the fintech ecosystem.
“We are humbled by the trust our investors have placed in us,” said Kurbanov. “This funding gives us the opportunity to address customer pain points in the UK market while staying true to our values and principles.”
Founded in 2023, Ayan Capital leverages advanced technologies and open banking to offer Islamic finance solutions, including halal car finance, rent-to-buy programs for private hire vehicle drivers, and 0% financing options for home improvement and car repairs. The company’s vision aligns with the growing demand for ethical, Shariah-compliant financial services globally.
