Startup PayZakat.Global, an innovative Islamic FinTech project that aims to increase the effectiveness of wealth distribution in the Muslim world dramatically, have recently secured funding worth $74K from Sberbank – Russia’s leading bank.
PayZakat is a platform for collecting and distributing contributions from the Muslim community to give to the poor. By using AI-based chatbots, users will be able to calculate their Zakat payments on different messengers and divide the pay between several charity foundations and causes they wish to donate to.
The Foundation for the Preservation and Restoration of Cultural, Historical and Architectural Heritage Sites – in Ufa, Russia, have also partnered up with PayZakat to be its first charity partner and are working to finance the construction of AR-RAHIM MOSQUE in Ufa.
PayZakat was part of the Serbank and the Higher School of Economics (HSE) corporate accelerator, where they and five other startups received major funding from Russia’s largest bank.