Maliyya, a Dubai-based fintech company engaged in the development of a P2P lending and borrowing platform, announced on Monday it secured $1.3 million during its latest seed funding round, which was led by Ground1 Ventures, a private investment firm based out of UK. Founded in 2016, Maliyya is a Shariah-compliant P2P financing and investment startup that aims to disrupt the financial and investment services industry by bringing together regional and global financiers and borrowers. The company revealed:
“Maliyya plans to use big data, artificial intelligence and blockchain technologies to provide investors and borrowers with optimal solutions for investing or mobilising financing.”
Maliyya, which is a graduate from the first cohort of DIFC Fintech Hive Accelerator (UAE) and now part of the Cloud10 Scalerator Program of C5 Accelerate based in Bahrain, also stated it is targeting to become a primary P2P lending and borrowing platform for the Middle East, North Africa, and Asia regions. It is currently working to roll out its MVP in the upcoming months. The company will use this round of funding to accelerate product and technology infrastructure development while expanding its team.
The company also noted that joining its leadership is new CTO Rizwan Warsi, who has more than 30 years of banking technology and operations experience and delivering enterprise financial industry solutions across in Asia, Africa, and Europe. In his new role, Rizwan will be tasked with supporting Maliyya to lead the engineering team and deliver the state of the art P2P platform. The company went on to add:
“Supporting Maliyya furthermore will be Gerry McGowan, CEO of Ground1 Ventures from an executive advisory support function. Gerry has been in the technology industry for over 20 years and has worked with multinational and government organizations to deliver cutting edge solutions. His knowledge and investment strategy expertise aims to help Maliyya expand its wings in the region and achieve its ambitions.”