Riyadh – Sharikat Mubasher: Takadao, the Riyadh-based provider of community-owned financial services on the blockchain, has raised $1.6 million in Pre-Seed funding, the company announced in a press release.

The round was led by Draper Associates and included participation from BIM, Core Vision Ventures and Prince Sultan bin Fahad bin Salman Al Saud.

According to the statement, proceeds will be used to expand the company’s operations and its business reach.

It is worth noting that Takadao builds community-owned financial services on the blockchain, with two flagship products in savings & loans (Takaturn) and cooperative life insurance. Its products, shariah-compliant, target the Muslim population globally, enabling global access even in countries where populations are largely unbanked.