To accelerate global expansion effort, Ethis Global closes US $1.7 M Pre-Series A funding round
Ethis Global, which runs sharia-based crowdfunding platforms in Indonesia and Malaysia as well as the social finance platform GlobalSadaqah, announced today that its MYR6.8 million (US$1.7 million) Pre-Series A funding round from angel investors in the Islamic finance and fund management communities has closed.
Malaysians Tan Sri Wan Zulkiflee (Chairman of Malaysia Airlines, former President and CEO of Petronas) and Daud Vicary Abdullah (Trustee at RFI Foundation), as well as Dubai-based Khurram Hilal, were among the notable names on the list (Islamic banking lead at Standard Chartered).
The funds will be used to expand up operations in existing countries, obtain licenses and start-up operations in new jurisdictions, and develop new technologies, according to a news release from Ethis Global.
These initiatives will also be part of Ethis Global’s planned milestones leading up to their Series A fundraising round, according to the company. It hopes to raise $10 million from institutional and corporate strategic investors.
Ethis Group Founder Uman Munshi named the partnership as “key to the company’s growth and success.”
“Ethis is on track to prove the commercial viability of our high-impact fintech model based on Islamic finance principles,” he said.
Ethis Global, based in Malaysia, began as a private investment club in Singapore in 2014.
It has regulatory permits in Dubai and Qatar and operates regulated platforms in Malaysia and Indonesia.
Since 2015, Ethis Indonesia has matched retail investors from over 50 countries with impact-investment campaigns, originally focusing on property development for social housing and more recently introducing SME supply chain initiatives.
This Pre-Series A fundraising round came on the heels of Amran Bin Mohd’s recent appointment as Chairman of the newly formed Ethis Investment Management.
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