Manzil Announces $1.91M in Equity as it looks to scale its Ethical Neo-Financial Services Platform in Canada
News provided byManzil
May 31, 2022, 9:10 AM ET
TORONTO, May 31, 2022 (GLOBE NEWSWIRE) -- Toronto-based Manzil, a tech-enabled ethical Neo-financial services platform, announced today it has closed USD$1.91 million in seed funding to fuel its growth as the company scales its approach to creating an alternative path to ethical homeownership & investing in Canada. The round was led by Think Financial with participation from Holt Xchange, Innate Capital Partners, Jasaya Investments, David Beatty, and several world-class angel investors based in North America and the Middle East.
Manzil is the only Ethical Neo-Financial Service platform in North America that abides by all forms of ethical and religious principles. It is at the intersection of FinTech and Proptech, focused on providing “Halal-Certified (Ethical) investment and home financing solutions.”
“After only attending one sold-out seminar led by Mohamad addressing a room full of potential customers, it was very clear that Canada demands and needs truly Halal-certified investment and home financing solutions. We are proud to be supporting Manzil who is building a more inclusive Canada.” Jan Arp, Founding Managing Partner of the HoltXchange stated.
Manzil’s investment services and mortgage programs are available across Canada and will aim to be online in the United States and the UK in the coming year. Since receiving its mortgage brokerage license it is now registering its brokerage so that it can serve Canadians country-wide. Particularly Individuals of faith (Muslims, Jews, Christians etc.) and those practicing ethical investing, who are continually excluded from participating in financial services due to their beliefs and religious practices (non-interest-based services, unethical investments, etc.).
Dr. Aamir Rehman, Founder of Innate Capital states that, “Manzil is strongly positioned for both business success and social impact. By providing access to both home financing and a yield-generating investment product, Manzil addresses key gaps in a growing, dynamic, and currently under-served market. Home financing has been a bedrock of Halal finance in other countries. Manzil is poised to lead this category in Canada, one of the world's ten largest economies.”
The startup noted its funding will be used to expand its financial services platform across new markets like the US and UK and will continue to grow its team and technology platform while continuing to serve Canadians who have been excited and prepared to make the leap from traditional banking and mortgage practices.
Since its official launch in 2020, Manzil has self-financed dozens of ethical mortgage transactions from capital raised through thousands of retail investors that have invested in the Manzil Mortgage Fund; the only Canadian-based Halal and Ethical Fixed-Income fund (available through its Portfolio Manager partner CI Direct Investing). However, this retail fund cannot keep up with the demand Manzil continues to see where over 10,000+ families sit on a waitlist, amounting to over USD$4B of mortgage financing required and continually growing at USD$120M+ per month.
Dan Eisner, Founder of Think Financial mentions that, “We have been keeping a close eye on the growing demand for Halal Financial solutions in Canada and we felt that Manzil is best positioned to cater to the needs and demands of this market. We could not be more impressed with Mohamad and his team considering all the barriers they have had and continually overcome to bring solutions like these to a heavily regulated market. This, along with the ability to execute effectively were just a couple of the many reasons why we wanted to take the lead on this investment and we look forward to helping them scale their programs to serve every community member across Canada and the globe.”
“This is a significant milestone for the team at Manzil and in fact, precedent-setting. We knew when we started this journey that it would not be easy, but our team has been resilient and the support from Canadians of all religious practices and those who want to see more ethical services brought to their mortgage and banking experience is welcoming,” mentioned Mohamad Sawwaf, Co-Founder & CEO of Manzil.
Sawwaf closes his remarks by saying, “There is still work to be done as millions of Canadians sit on the sidelines, unable to participate in the growth of our economy limiting their ability to build wealth. Manzil is working to ensure the next generation of Canadians will have the same opportunities that every other Canadian before them has had.”
Manzil is a privately-held Canadian company and is the only Canadian Islamic FinTech that manufactures and distributes Halal financial solutions which currently include home financing and investment funds. It was founded in 2017 and is headquartered in Toronto, Canada.
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For more information, please visit www.manzil.ca