Ayan secures £75m ijara-based financing facility from Triple Point

Ayan, a UK-based provider of Sharia-compliant car financing, has secured a £75m ($100m) financing facility from Triple Point. The facility is structured as a back-to-back ijara, a form of Islamic leasing, and will be used to scale the company's operations and reduce its cost of funding.

Ayan operates on an ijara model: it purchases cars and owns them for the duration of the term, taking ownership risk, and offers AyanCare to cover unexpected mechanical and electrical repairs. The company has seen strong traction: over 60% of its website visitors start an application, its Trustpilot rating is 4.9 out of 5, and its loss rate remains below the industry average.

The company was founded with a small funding line and has grown to a team of 40, with two-thirds engineers who built its own underwriting, servicing, and customer technology platforms. The initial funders, Cur8 Capital and Partners for Growth, supported the company at the start and remain partners in its journey.

Looking ahead, Ayan plans to build a tech-first bank that is open to everyone, aiming to raise the standard for both Islamic and conventional finance. The financing from Triple Point is a significant step toward that goal.