Islamic fintech company Wahed has acquired a UK law firm to expand its financial platform to offer will services.
Wahed said that iWill Solicitors, which it acquired in a “seven-figure transaction”, is the largest Islamic provider of wills in the UK.
The iWill Solicitors acquisition will support Wahed’s inclusion of similar services, along with pensions and savings, into its list of services. Wahed has been ramping up its expansion this year, launching a physical location in Baker Street, London, alongside a gold-backed debit card.
The law firm will continue to trade as usual following the acquisition. Alongside iWill, Wahed has also acquired True Wills, a UK-based, fully-online Islamic will service.
“There is a huge level of demand in the UK for Islamic wills, so we’re thrilled that Wahed is now able to offer this vital service to our investors thanks to the acquisition of iWill Solicitors,” said Junaid Wahedna, the founder and chief executive of Wahed.
“Wills are a vital way to ensure your loved ones are looked after once you pass away in accordance with your faith, as well as allowing you to bequeath to charity, and so the planned addition of will-writing to the Wahed app is especially exciting to offer alongside our savings and pensions products.”
Wahed launched in 2017 and has since secured $75m (£62m) in private investment, with oil giant Saudi Aramco and French football player Paul Pogba among its backers. It has over 300,000 customers globally. It is headquartered in New York, operates in 130 countries and has offices in Washington DC, London and Dubai.