The startup offers a wealth management platform that enables users to deposit funds without incurring interest charges, aligning with Islamic financial principles. By providing interest-free loans and real-time transaction notifications, the platform allows Muslim individuals to grow their wealth while adhering to their beliefs.
Funding
$4.4M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many Muslims face challenges in managing their finances in accordance with Islamic principles, including the avoidance of interest-based transactions and the need for Sharia-compliant investment options. Existing financial tools often lack transparency and may not align with the ethical and religious values of Muslim individuals.
Solution
Kestrl is a mobile application designed to empower Muslims to manage, save, and invest their money in alignment with their values. The app connects to users' bank accounts via Open Banking APIs, providing a consolidated view of their finances and automatically categorizing transactions to facilitate budgeting. Kestrl offers a Sharia-compliant stock screener that allows users to identify and invest in companies adhering to Islamic finance standards. The platform also provides tools for setting financial goals, tracking progress, and identifying potential savings opportunities, all while ensuring data security through bank-grade encryption and read-only access to financial data.
Target Audience
Kestrl primarily targets Muslim individuals seeking to manage their finances in accordance with Islamic principles, including those who are looking for Sharia-compliant investment options and ethical banking solutions.
Features
- Open Banking integration for connecting multiple bank accounts and credit cards
- Automated transaction categorization into essential, non-essential, and savings
- Sharia-compliant stock screener based on AAOIFI standards, with certification from Amanah Advisors
- Goal-based savings tools ("Eggs") for setting and tracking progress towards financial objectives
- Bill tracking and payment reminders to avoid overdrafts and late fees
- Daily balance alerts and weekly/monthly summaries for account monitoring
- Zakat calculator in partnership with the National Zakat Foundation
- 256-bit TLD encryption and FCA registration for data security and regulatory compliance