Fintech firm Takadao from Saudi Arabia secures $1.6 Million in pre-seed funding

Saudi Fintech Startup Takadao Secures $1.6M in Pre-Seed Funding from Silicon Valley's Tim Draper.
Takadao, a fintech firm from Saudi Arabia, has successfully raised $1.6 million in its pre-seed round, spearheaded by renowned Silicon Valley investor Tim Draper. Founded in Singapore by Sharene Lee and Morrad Irsane, Takadao delivers blockchain-driven financial services that adhere to Shariah guidelines.

Having garnered attention amongst the Muslim demographic, the company proudly supports a community of over 10,000 members and witnesses a consistent 5% weekly growth rate. With the expanding Muslim population worldwide, Takadao's commitment to supplying Shariah-approved, blockchain-centric financial solutions addresses a growing international demand.
The platform devised by Takadao offers Shariah-friendly loans and insurance, enhancing accessibility to such services in areas with significant unbanked populations. Sharene Lee, the Co-founder and COO, shared with StartupScene, "In regions with volatile economies, weak currencies, and soaring inflation, Muslims and others face challenges. At Takadao, our approach is to craft financial services owned by the community, where the users themselves are shareholders. This approach prioritizes user welfare by giving them ownership, and any profits are channeled back to them. The decentralized nature of blockchain and cryptocurrencies allows us to realize this vision."

Takadao has two main offerings: Takaturn, inspired by the ROSCA (Rotating Savings and Credit Associations) principle, and Takasure, an insurance solution rooted in the Takaful model, which is set to launch in June 2024.

Tim Draper expressed his enthusiasm for the startup, stating, "Takadao has the potential to be a game-changer. The current insurance industry has flaws, and Takadao, emphasizing purity and decentralization through blockchain and Bitcoin, is challenging the status quo."

This investment represents Draper's inaugural venture into the Saudi startup landscape. With a track record of supporting revolutionary tech companies like Baidu, Skype, and Hotmail, Draper continues to invest in innovations poised to reshape consumer habits.