Maliyya, a Dubai-based platform for Shariah compliant P2P financing and investing has raised $1.3 million from UK-based investment Ground One Ventures, the startup announced earlier this week.
Founded in late 2016, Maliyya is still building its MVP and plans to launch it in the next few months. The startup aims to become ‘primary’ P2P lending and borrowing platform for Middle East, North Africa and Asia.
When launched, the investors will be able to use the platform to build a portfolio with as low as $100 and borrowers will be able to benefit from low profit rates and large pool of investors and all of that will be Shariah compliant, according to the startup.
Maliyya has recently graduated from the first cohort of Dubai International Finance Center’s Fintech Hive Accelerator and is currently part of Cloud10 Scalerator Program of Bahrain-based C5 Accelerate.
The startup aims to use the investment on accelerating its product development and expanding its team.