Saudi Arabia-based Web3 platform Takadao has successfully closed a $1.5 million seed funding round, bringing its total capital raised to $3.1 million. The fintech startup, founded in 2022 by Sharene Lee and Morrad Irsane, offers Shariah-compliant, blockchain-based financial services including savings, loans, and cooperative life insurance.
Global Investor Backing for a Shariah-Compliant Vision
The round was strategically structured to include a diverse group of global investors aligned with Takadao’s mission. The funding was led by Hasan VC (Malaysia), Syla Invest (France), Wahed Ventures (UK), Ice Blue Fund (Japan), Istari Ventures (US), and Adverse (Saudi Arabia), with follow-on participation from Silicon Valley’s Draper Associates.
“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 recognised name in the UK and US. We targeted investors in markets where we already have strong traction,” said Morrad Irsane, CEO of Takadao.
Introducing The LifeCard to Bridge Web3 and Daily Spending
Coinciding with the funding announcement, Takadao unveiled The LifeCard, a prepaid VISA card designed to seamlessly connect its Web3 ecosystem with everyday financial transactions. The card enables users to spend stablecoins like cash anywhere VISA is accepted, providing a tangible link between digital assets and real-world utility.
“Members receive life protection payouts, investment returns, referral earnings, and revenue share in stablecoins—and can now spend them like cash using the LifeCard. It’s a tangible connection between the Web3 world and real life,” explained Sharene Lee, co-founder and COO.
A Community-Owned Ecosystem with Member-Centric Features
The LifeCard operates under The LifeDAO, a community-owned “Nobank” powered by the Takadao protocol. This ecosystem provides members with a DeFi wallet, a life protection fund, non-custodial investment pools, and a financial education hub. The platform currently holds $1 million in total value locked (TVL) across its affiliated funds, with all deposited funds remaining fully user-owned.
The new card reinforces the platform’s member-centric approach by redistributing profits from card fees, offering an automatic round-up feature for micro-investing, and providing a 0% interest microloan based on a user’s historical top-ups.
“We designed the product around maximum value for our members,” added Irsane. “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.”
The new capital will be used to fuel expansion into markets where the company has already established traction, including Southeast Asia, France, the UK, and the US.
About Takadao
Founded in 2022, Takadao is a Saudi-based Web3 platform offering bankless financial alternatives through a community-owned ecosystem. It provides users with Shariah-compliant, blockchain-based services, including savings and loans, cooperative life insurance, and a DeFi wallet, all powered by its proprietary protocol.
Source: Wamda
