Ayan Capital, a UK fintech specialising in Shariah-compliant vehicle finance, has secured a senior facility of up to £75m ($100m) from investment manager Triple Point to fund its next phase of growth.
Ayan, which launched in early 2024, said it is preparing to apply for a UK banking licence and plans to raise a Series A funding round in the coming months to support the application.
The company said more than 150,000 people have started an application since its launch. It also reports a 4.9 rating on Trustpilot, with more than 60% of website visitors beginning an application, while maintaining a loss rate below the industry average.
Ayan provides car finance through an Ijara wa Iqtina structure, under which the company purchases and owns the vehicle throughout the finance term. Customers make fixed monthly rental payments before taking ownership of the vehicle at the end of the agreement.
The company said its contracts are reviewed annually by independent Shariah advisers. Through its AyanCare service, it also takes responsibility for unexpected mechanical and electrical repairs. Ayan said the new facility will allow it to increase the number of customers it serves while lowering its funding costs.
The company said it plans to expand beyond car finance into products including cars and savings, with the longer-term aim of becoming a full-service digital bank. Ayan’s existing backers include Cur8 Capital, Empakt Ventures, IT Park Ventures and Caucasus VC.
Ellis Diamanti, head of Specialty Finance at Triple Point, said: “Ayan pairs an impressive management team with a technology-first platform, providing an excellent customer experience while meeting the growing appetite for Shariah-compliant financial products.”
Abdullo Kurbanov, chief executive and co-founder, said: “There is a lot to do, but this facility lets us serve more customers, more competitively. Over time we want to build a challenger bank that is open to everyone, whether they are looking for halal finance or not and that raises the bar for what customers should expect.”
