Saudi Arabia-based fintech company Takadao has successfully raised $1.5 million in a seed funding round. The investment was led by prominent global investors including Hasan VC, Syla Invest, Wahed Ventures, Ice Blue Fund, Istari Ventures, Adverse, and Draper Associates, bringing the company’s total funding to $3.1 million. Established in 2022 by Sharene Lee and Morrad Irsane, Takadao provides Shariah-compliant blockchain-based financial services, focusing on savings and loans as well as cooperative life insurance. The newly acquired funds will be used to expand the company’s presence in key markets such as Southeast Asia, France, the UK, and the US, where they have already gained significant traction.
Additionally, Takadao has introduced The LifeCard, a prepaid VISA card that allows users to spend stablecoins like cash wherever VISA is accepted. This card is part of The LifeDAO, a community-owned financial ecosystem powered by the Takadao protocol. The LifeDAO offers a range of services, including a DeFi wallet, life protection fund, non-custodial investment pools, and a financial education hub. The ecosystem currently holds $1 million in total value locked across its funds.
The LifeCard is designed to bridge the gap between the Web3 ecosystem and everyday financial transactions, offering features like profit redistribution from card fees, automatic round-up savings for micro-investing, and a 0% interest microloan based on users’ historical top-ups. The initiative aims to provide maximum value to its members, supporting halal wealth-building and offering financial assistance when needed.
