Faith, Finance, Technology w/ Fara Abdullah, Bitsmedia
04/04/24 • 45 min
Muslims are projected to constitute more than 25% of the world's total population this year. To many in the industry, this isn't just a statistic; it represents a vast array of opportunities for the markets.
This week, we had the pleasure of speaking with Fara Abdullah, CEO of Bitsmedia, the brains behind the immensely popular Muslim lifestyle app, Muslim Pro.
With a fresh injection of $20 million from its recent Series A funding round, featuring participation from Gobi Partners, alongside continued backing from existing investors CMI Capital Partners and Bintang Capital Partners, Bitsmedia is poised to enhance the faith experience through cutting-edge technologies.
Our discussion today delves into various aspects, including the business landscape, the potential in faith-driven markets, and the interception of faith, finance, and technology.
TIMESTAMPS / KEY TAKEAWAYS
0:00 - Intro
02:52 - Market opportunities in the Muslim community; Bitsmedia’s business model
07:39 - Challenging the misconceptions and templatization of Muslims
10:49 - Thesis behind the 160 million annual downloads of Muslim Pro: faith in challenging times and the modern Muslim lifestyle
15:13 - Bitsmedia’s ideal consumer profile and the growth of user base
20:30 - Business models and the biggest revenue drive for Bitsmedia
24:11 - Decision making and resource distribution as the CEO
26:52 - The role of technology in shaping faith and vice versa
30:31 - The idea of moderation and ethical interpretations with use of technologies
32:41 - Bitsmedia’s role in the interception of faith, finance and technology
34:35 - Observed trends of religious behaviors and attitudes; the socialization of faith
37:01 - Fundraising and choosing the right partners
39:46 - Billion dollar questions
ABOUT BITSMEDIA
Bitsmedia is a Singapore-based, technology company known globally as the developer and publisher of the Muslim Pro app – a highly-rated and comprehensive Muslim lifestyle app with more than 150 million downloads globally to date.
The company is also the publisher of Qalbox, a global subscription video on demand (SVoD) entertainment streaming service aimed at the global Muslim community.
About Muslim Pro
Muslim Pro's journey started with its inception as a utility app dedicated to fulfilling the daily spiritual and practical needs of Muslims worldwide. Under Fara's guidance, Muslim Pro has undergone a significant transformation, evolving from its original utility focus to become a pioneering platform catering to the diverse facets of the Muslim community.
Fara's strategic foresight has been vital to transitioning Muslim Pro into a holistic ecosystem for Muslims. Beyond spiritual and religious guidance, the platform now encompasses educational resources, AI-driven tools, and robust partnerships with key enablers, brands, and organizations within the Muslim sector.
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PODCAST INFO:
Podcast website: https://billiondollarmoves.com
Watch on Youtube: https://tinyurl.com/sarahchenglobal
Join the community: https://sarah-chen.ck.page/billiondollarmoves
FOLLOW SARAH:
LinkedIn: https://linkedin.com/in/sarahchenglobal
Instagram: https://instagram.com/sarahchenglobal
Twitter: https://twitter.com/sarahchenglobal...
Muslims are projected to constitute more than 25% of the world's total population this year. To many in the industry, this isn't just a statistic; it represents a vast array of opportunities for the markets.
This week, we had the pleasure of speaking with Fara Abdullah, CEO of Bitsmedia, the brains behind the immensely popular Muslim lifestyle app, Muslim Pro.
With a fresh injection of $20 million from its recent Series A funding round, featuring participation from Gobi Partners, alongside continued backing from existing investors CMI Capital Partners and Bintang Capital Partners, Bitsmedia is poised to enhance the faith experience through cutting-edge technologies.
Our discussion today delves into various aspects, including the business landscape, the potential in faith-driven markets, and the interception of faith, finance, and technology.
TIMESTAMPS / KEY TAKEAWAYS
0:00 - Intro
02:52 - Market opportunities in the Muslim community; Bitsmedia’s business model
07:39 - Challenging the misconceptions and templatization of Muslims
10:49 - Thesis behind the 160 million annual downloads of Muslim Pro: faith in challenging times and the modern Muslim lifestyle
15:13 - Bitsmedia’s ideal consumer profile and the growth of user base
20:30 - Business models and the biggest revenue drive for Bitsmedia
24:11 - Decision making and resource distribution as the CEO
26:52 - The role of technology in shaping faith and vice versa
30:31 - The idea of moderation and ethical interpretations with use of technologies
32:41 - Bitsmedia’s role in the interception of faith, finance and technology
34:35 - Observed trends of religious behaviors and attitudes; the socialization of faith
37:01 - Fundraising and choosing the right partners
39:46 - Billion dollar questions
ABOUT BITSMEDIA
Bitsmedia is a Singapore-based, technology company known globally as the developer and publisher of the Muslim Pro app – a highly-rated and comprehensive Muslim lifestyle app with more than 150 million downloads globally to date.
The company is also the publisher of Qalbox, a global subscription video on demand (SVoD) entertainment streaming service aimed at the global Muslim community.
About Muslim Pro
Muslim Pro's journey started with its inception as a utility app dedicated to fulfilling the daily spiritual and practical needs of Muslims worldwide. Under Fara's guidance, Muslim Pro has undergone a significant transformation, evolving from its original utility focus to become a pioneering platform catering to the diverse facets of the Muslim community.
Fara's strategic foresight has been vital to transitioning Muslim Pro into a holistic ecosystem for Muslims. Beyond spiritual and religious guidance, the platform now encompasses educational resources, AI-driven tools, and robust partnerships with key enablers, brands, and organizations within the Muslim sector.
-
PODCAST INFO:
Podcast website: https://billiondollarmoves.com
Watch on Youtube: https://tinyurl.com/sarahchenglobal
Join the community: https://sarah-chen.ck.page/billiondollarmoves
FOLLOW SARAH:
LinkedIn: https://linkedin.com/in/sarahchenglobal
Instagram: https://instagram.com/sarahchenglobal
Twitter: https://twitter.com/sarahchenglobal...
Previous Episode
LP View: Breaking Bias to Drive Returns w/ Joanna Kuang, Illumen Capital
“We believe an inclusive and optimal asset management industry will be the cornerstone of an equal and equitable future.” - Illumen Capital
While organizations explore ways to embody diversity, equity, and inclusion (DEI), authenticity and clear, measurable outcomes are essential for effectiveness.
This week, we're joined by Joanna Kuang, Senior Vice President of Product Development and Impact at Illumen Capital. We delve into the significance of impact investing and strategies to ensure tangible efforts are made to drive meaningful change in venture, in our society.
TIMESTAMPS / KEY TAKEAWAYS
0:00 - Intro
02:18 - Joanna’s backstory as the daughter of immigrants; living experience in Mississippi Delta that drove her to join Illumen Capital
04:02 - Genesis of Illumen Capital as a fund of funds
05:42 - Study alongside Stanford SPARQ: Race influences professional investors’ financial judgments (2019)
09:16 - Diversity efforts in venture today; DEI policies
13:10 - Quantitative data to drive accountability; best practices to remove biases in pitching and diligence processes
18:06 - Illumen Capital’s stand under the backdrop of many anti-DEI laws
21:19 - Diversity drives performance: investment strategies and performance measurements
24:41 - Established and emerging managers as the next key strategy for Illumen Capital
28:18 - Portfolio construction as a fund of funds and ticket sizes
30:42 - The winning factors versus common mistakes in diverse fund managers; impact washing
32:47 - Looking ahead 2024 private market; advice for fund managers
35:38 - Billion Dollar Questions
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About Illumen Capital
Illumen Capital is an impact fund of funds addressing systemic inequity by reducing racial and gender bias in investing.
Working closely with the world’s leading social psychologists at Stanford SPARQ, they combine investment capital with evidence-based tools and training designed to reduce implicit racial and gender bias in order to unlock latent return and multiply impact.
More about Illumen Capital: https://www.illumencapital.com
-
PODCAST INFO:
Podcast website: https://billiondollarmoves.com
Watch on Youtube: https://tinyurl.com/sarahchenglobal
Join the community: https://sarah-chen.ck.page/billiondollarmoves
FOLLOW SARAH:
LinkedIn: https://linkedin.com/in/sarahchenglobal
Instagram: https://instagram.com/sarahchenglobal
Twitter: https://twitter.com/sarahchenglobal
Next Episode
Bite: Delivering Alpha with Kindness, The Red Helicopter Way w/ James Rhee
"Goodwill should mean a whole lot more than accounting concept, is earned and cannot be bought; but if done correctly, can be worth a whole lot."
As we step into Q2, there's no better time to pause, reflect, and realign our goals for the year ahead.
This week, we revisit an episode that continues to inspire, which talks about creating real value with kindness and math, as advocated by James Rhee and his new book red helicopter.
In this conversation, we talked about money, reality, true alpha and transformation -- leveraging kindness. This as he saw in his tenure as the unlikely “least qualified CEO” of Ashley Stewart, where he reinvented the company from the brink of bankruptcy.
Ahead of your full read, here are some key takeaways from our conversation last year. Enjoy!
TIMESTAMPS
0:00 - Intro
02:30 - Takeaway #1: You don't make money with just zeros and ones.
06:07 - Takeaway #2: Kindness is one of the things you never have to hedge. It's never wrong to be kind.
10:14 - Takeaway #3: Don’t underestimate the power of appreciating the quiet leaders.
12:00 Takeaway #4: “I'm more proud of the way we did it than what the result was.”
13:44 - Takeaway #5: The scarcity mindset and why the richest aren’t always the happiest
17:23 - Closing remarks: the red helicopter
Full Episode:
Leading with Kindness | James Rhee
🎙️Podcast: https://link.chtbl.com/bdm-jamesrhee
🎞️ YouTube: https://www.youtube.com/watch?v=5YYr6ZRQPdI
red helicopter - James Rhee
Imagine, a clear path forward told as a deeply felt human story. A poignant and uplifting celebration of humanity, red helicopter—a parable for our times is a tale of struggle and triumph, compelling for its honesty and relatability as much as for the instructions we can all use to balance the books of our lives.
Learn more about James Rhee and red helicopter:
https://www.redhelicopter.com/
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PODCAST INFO:
Podcast website: https://billiondollarmoves.com
Watch on Youtube: https://tinyurl.com/sarahchenglobal
Join the community: https://sarah-chen.ck.page/billiondollarmoves
FOLLOW SARAH:
LinkedIn: https://linkedin.com/in/sarahchenglobal
Instagram: https://instagram.com/sarahchenglobal
Twitter: https://twitter.com/sarahchenglobal
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