Saudi fintech raises US$1.5 million in seed round; bringing total funding to US$3.1 million

GLOBAL: Saudi Arabia-based fintech Takadao has secured US$1.5 million in a seed round from a group of international investors including Hasan VC, Syla Invest, Wahed Ventures, Ice Blue Fund, Istari Ventures, Adverse and Draper Associates.

The round brings the company’s total funding to US$3.1 million.

Founded in 2022 by Sharene Lee and Morrad Irsane, Takadao provides Shariah compliant blockchain-based services including savings, loans and cooperative life insurance.

The company said the new capital will support expansion in markets where it reports growing traction such as Southeast Asia, France, the UK and the US.

Alongside the fundraising, Takadao introduced the LifeCard, a Shariah compliant prepaid Visa card enabling users to spend stablecoins for payments in locations where Visa is accepted. The card operates under The LifeDAO, a Takaful community-owned platform powered by the Takadao protocol.

Takadao reported that The LifeDAO currently holds US$1 million in total value locked across its associated funds, offering members access to a DeFi wallet, a life protection pool and non-custodial investment pools.

The company noted that the seed round was structured to attract investors active in Shariah compliant and diverse global markets.