Riyadh - Sharikat Mubasher: The Saudi-based fintech company, Takadao, secured $1.5 million in a seed funding round, with participation from global investors, including Adverse Hasan VC, Syla Invest, Wahed Ventures, Ice Blue Fund, Istari Ventures, along follow-on funding from Draper Associates of Silicon Valley.
The round raised Takadao’s total funding to $3.1 million, which will be used to support the company’s expansion across markets with traction, such as Southeast Asia, France, the UK, and the US, Takadao announced in a statement yesterday.
Morrad Irsane, CEO of Takadao, stated that the round targeted investors in markets where it already has strong traction. “Hasan VC is led by Umar Munshi, a pioneer in Islamic fintech with deep roots in Southeast Asia. Syla Invest has been making waves among the Francophone Muslim community. Wahed Ventures is a recognized name in the UK and US.”
Along with the investment, Takadao unveiled The LifeCard, a prepaid VISA card enabling users to spend stablecoins like cash anywhere VISA is accepted. It sits under The LifeDAO, a community-owned Nobank powered by the Takadao protocol.
The Takadao protocol powers The LifeDAO, giving members access to a DeFi wallet, a life protection fund, non-custodial investment pools, and a members’ hub for financial education. The LifeCard is the latest addition, acting as a bridge between the Web3 ecosystem and everyday financial use.
“We designed the product around maximum value for our members. Profit sharing is core to The LifeDAO. Round-ups support halal wealth-building. And the 0% microloan reflects our mission to support members when they need it most,” added Irsane.
The LifeCard features profit redistribution from card fees, automatic round-up savings for micro-investing, and a 0% interest microloan for users based on historical top-ups.
