Ethis Global, a Malaysia-based Islamic fintech startup that focuses on crowdfunded investments, said it has raised US$1.7 million in a pre-series A financing round from investors, who include former Petronas group CEO Wan Zulkiflee and Khurram Hilal, group CEO of Islamic banking at Standard Chartered Bank. The company will use the fresh funds to scale up its operations in its existing markets, acquire licenses, expand in new jurisdictions, and develop new technology. The crowdfunding platform for equity investments is also aiming to raise US$10 million from institutional and corporate investors in its series A funding round. Ethis focuses on sustainable investments, financing, and donations. It operates regulated platforms in Malaysia and Indonesia and also has regulatory approvals in Dubai and Qatar. “Ethis is on track to prove the commercial viability of our high-impact fintech model based on Islamic finance principles,” said Umar Munshi, founder of Ethis Group.

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