Fintech PR
Fintech platform for the underserved middle class Surfin raises US$12.5 million from Insignia Ventures Partners, as it sustainably uplifts 60 million lives across 3 continents
SINGAPORE, Oct. 9, 2024 /PRNewswire/ — Surfin, a financial technology platform dedicated to serving the underserved middle class, has raised $12.5 million from Insignia Ventures Partners. This funding round comes as Surfin announces its service to 60 million individuals across eight countries on three continents, with approximately $2.7 billion in cumulative transactions.
Founded in 2017 and headquartered in Singapore, Surfin began with consumer lending and expanded into a suite of financial services including payments and remittance, credit card issuance, and wealth management. Leveraging AI and analytics, Surfin is committed to offering an ecosystem of transparent and innovative financial services to the growing middle class that is often overlooked by traditional banking systems.
The company has a significant presence in Indonesia, Mexico, Philippines, Nigeria, Kenya, India, Uganda, and Australia. In Indonesia, its largest market, Surfin holds licenses for P2P lending, mutual fund distribution, remittance, and payment gateway services.
This Series A round marks Surfin’s first external funding since its inception, having been bootstrapped and self-financed without any third-party debt.
Surfin’s Founder and CEO, Dr. Yanan Wu, said: “Surfin’s vision has always been to build a financial technology services ecosystem on top of our scalable and sustainable risk management system, powered by AI and big data. This system has been stress-tested by the behavior of 60 million users across three continents. Recently, we’ve leveraged this system to launch remittance, payment, wealth management, and credit card services, deepening our mission of financial inclusion in the markets where we operate.”
In 2023, Surfin launched Ayovest in Indonesia, a mutual fund trading platform designed for young, first-time investors to invest productively and safely, starting from as low as IDR 10,000. Ayovest has been operating under the license of the OJK since its inception.
Also in 2023, Surfin established its credit card business in Mexico, “Sufinc,” in partnership with Visa. Sufinc offers a credit card designed to strengthen Surfin’s consumer finance presence in Central America, with flexible payment terms, no annual fees, and global acceptance.
Seasoned Finance Executives Drawn to Surfin’s Mission of Financial Inclusion in the Era of AI
More than 2500 people across the globe have joined Dr Wu on Surfin’s mission. Its leadership team includes former Shopee, Akulaku, and Baidu executives. Surfin is also advised by a board composed of accomplished, multi-hyphenate finance
Surfin’s Board Member, Nobel laureate Michael Spence, commented:”Surfin has the potential to reshape financial mobility and inclusion for millions of families globally. I have a long-standing interest in asymmetric information in markets and the challenges it presents. Surfin’s approach to addressing the information challenges of credit access through AI and data science is innovative and much-needed. It’s a privilege to support its mission of advancing financial inclusion.”
Surfin’s ecosystem of products is powered by a unified credit scoring engine, enabled by AI and data analytics. This core technology allows Surfin to lend sustainably at scale across different geographies and enter new financial service use cases.
Surfin’s ambitions to scale its consumer loans business and reach more consumers across income classes with a full suite of products, from robo-advisory to remittances, laid the groundwork for the partnership with Insignia Ventures Partners and Surfin’s first round of institutional funding.
Founding Managing Partner Yinglan Tan shares, “Surfin represents two key shifts in the way companies are growing from Southeast Asia. It is a company headquartered and operating in the region, but with a multi-country presence and global ambitions from early on. It is also a company leveraging the wave of AI transforming industry to deliver more equitable credit access to the underbanked. In a space that is highly competitive and challenging at scale, this combination of proven multi-market entry with licensed multi-jurisdiction products and robust risk management capabilities positions them in a unique place to scale. Their operational track record is more impressive considering they have been bootstrapped thus far. We are privileged to be working with Dr Wu and his team to scale their financial services ecosystem further, both in terms of reach and use cases.”
Know More About Surfin: https://www.surfin.sg/
Article: https://review.insignia.vc/2024/10/08/surfin-series-a/
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Fintech PR
Wahed appoints Khalid Al Jassim as Executive Chairman of Wahed MENA to help guide the strategic growth of Wahed in the region
DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Wahed, a global Shariah-compliant fintech, has appointed Khalid Al Jassim as Chairman of Wahed MENA.
On this appointment, Khalid commented, ”I am excited to guide Wahed’s growth in the region. Wahed’s mission of furthering Islamic Finance is one I resonate with deeply and I look forward to supporting its growth ambitions.”
Khalid has over twenty five years of investment banking and corporate advisory experience gained with some of the most innovative and groundbreaking institutions in the world.
His career spans leading firms including SABIC, Arthur Anderson and Arcapita Bank in Bahrain, where he was instrumental in making it into one of the PE powerhouses in the region. His responsibilities started in the earlier years with establishing the Investment Placement Team and transforming it into one of the most robust teams in the industry. At the time that Khalid left Arcapita to build his personal business, he was an Executive Director. Today he is Chairman of Afkar Vision, a private advisory house specialized in mergers and acquisitions with offices in Manama, Dubai and Riyadh.
As well as being one of the earliest investors in Wahed, he is currently Chairman of the Audit Committee and Board Member at Bahrain Islamic Bank, the 4th oldest Islamic Bank in the World and Board Member at SICO Bank and SICO Capital in Saudi, an $8bn asset manager in the region.
Mohsin Siddiqui, Wahed CEO said, “We are delighted to announce Khalid’s appointment. His unique understanding of the financial landscape in the MENA region is unparalleled and we are excited to bring this expertise in continuing to grow our presence in the region.”
About Wahed
Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.
For more information, visit: www.wahed.com
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View original content:https://www.prnewswire.co.uk/news-releases/wahed-appoints-khalid-al-jassim-as-executive-chairman-of-wahed-mena-to-help-guide-the-strategic-growth-of-wahed-in-the-region-302314779.html
DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Qatar Development Bank (QDB) announces a strategic investment in Wahed, a global Shariah-compliant fintech.
Wahed currently manages over $1 billion in assets and has attracted over 400,000 clients worldwide. The company is built on the principles of democratizing access to financial services and offers clients access to Shariah-compliant investments in its mobile app. Wahed removes the barriers to sophisticated investment management services that have been traditionally reserved for high-net-worth investors.
Khalid Al Jassim, Executive Chairman of Wahed MENA said: ‘We are delighted to welcome our new shareholders, QDB. We believe Qatar is fully aligned with our mission in creating a technology-first Islamic finance leader that unlocks a financial ecosystem free from Riba. We look forward to supporting the Qatar National Vision 2030 of becoming a leading knowledge-based economy.
Ali Rahimtula, Partner at Cue Ball Capital said: “Qatar Development Bank’s strategic investment is a clear signal of the faith the industry has in Wahed and its ability to create the future of Islamic Finance.”
About Wahed
Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.
For more information, visit: www.wahed.com
About Qatar Development Bank
Qatar Development Bank’s mission is to advance the economic and innovation development cycle of Qatar, supporting and contributing to the nation’s economic diversification. As well as a focus on the development of Qatar’s private sector, QDB is a powerful catalyst for socio-economic development in the country, empowering the local economy and bettering living standards.
For more information, visit: https://www.qdb.qa/
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View original content:https://www.prnewswire.co.uk/news-releases/qatar-development-bank-announces-strategic-investment-in-global-islamic-fintech-wahed-302314778.html
DHAKA, Bangladesh, Nov. 23, 2024 /PRNewswire/ — With the popularity of electric vehicles in Bangladesh, the globally renowned AIMA brand has also arrived in Bangladesh. The esteemed DX Group has brought the AIMA F-626 to customers. This environmentally friendly battery-operated electric motorbike has already been approved by the Bangladesh Road Transport Authority (BRTA) now.
In light of the increasing popularity of electric motorcycles in the country, the internationally-leading brand AIMA has entered the market. By the end of 2023, AIMA electric two-wheelers had established a presence in over 50 countries worldwide, with 11 global production bases, including overseas factories in Indonesia and Vietnam. In 2022, AIMA collaborated with Rob Janoff, the designer of the Apple logo, to refresh the brand’s VI system with a youthful and fashionable image. In 2023, AIMA teamed up with PANTONE, the global authority in color expertise, to create the trending color of the year. As an industry leader, AIMA spearheads the electric two-wheeler sector and showcases the prowess of a leading electric two-wheeler brand on a global scale. As of March 31, 2024, AIMA’s total electric two-wheeler sales had reached 80 million units, earning certification from Frost & Sullivan, a globally recognized business growth consulting firm, as the “Global Leading Electric Two-wheeler Brand”.
Over the years, AIMA has always been a product trendsetter in the electric two-wheeler sector. As of March 31, 2024, the total sales volume of AIMA electric two-wheelers reached 80 million, and Frost & Sullivan, a world-renowned market consulting company, awarded AIMA with the market status certification of the “Global Leading Electric Two-wheeler Brand (by Sales)”.
AIMA adhere to the customer-centered product philosophy and technologies that support long-term innovation and breakthroughs. We believe that the efficiency and modern technology of the AIMA F-626 will present an excellent alternative means of communication for our customers.
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View original content:https://www.prnewswire.co.uk/news-releases/chinas-aima-brand-electric-motorbike-is-now-in-bangladesh-302314773.html
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