Takadao, a Riyadh, Saudi Arabia-based provider of community-owned financial services on the blockchain, raised $1.6M in Pre-Seed funding.
The round was led by Draper Associates and included participation from BIM, Core Vision Ventures and Prince Sultan bin Fahad bin Salman Al Saud.
The company intends to use the funds to expand operations and its business reach.
Led by CEO Morrad Insane, and COO Sharene Lee, Takadao builds community-owned financial services on the blockchain, with two flagship products in savings & loans (Takaturn) and cooperative life insurance. Its products, shariah-compliant, target the Muslim population globally, enabling global access even in countries where populations are largely unbanked.Ā
Takaturn, the loan is based on the ROSCA concept, commonly known as Jamaiyah in the Middle East, Ballot Committee in Pakistan, Tontine in parts of Africa, and chit fund in India. Takasure is a cooperative insurance product based on the Takaful model; it is still in development with an anticipated launch date of June 2024.Ā
The company is held in Singapore and headquartered in Riyadh, Saudi Arabia.Ā
FinSMEs
19/10/2023