14 May 2024

Fintech Farm raises $32mn

Written By FinTech Alliance

Fintech Farm raises $32mn

Expanding its ‘neobank in a box’ model to India

In brief:

- The capital comes from an initial Series B round, which was led by London-based venture firm Nordstar, and an extension Series B round led by the London Stock Exchange-listed Bank of Georgia.

- The founding team comprises one of the founders of Ukrainian neobank Monobank Dmytro Dubilet, former KPMG M&A exec Nick Bezkrovnyy and Alexander Vityaz, the founder of cloud-based operating system provider Corezoid. The company previously raised a $7.4m round in 2022 led by Flyer One Ventures and Solid with participation from TA Ventures, Jiji, u.ventures and AVentures Capital. 

- Fintech Farm — which launched in 2020 — partners with medium-sized banks in emerging markets looking to build neobank apps but lacking digital know-how. Dubilet says the startup differs from other banking-as-a-service (BaaS) players, as it focuses on providing operational support rather than regulatory or infrastructure services.


What does this mean?

“There are some banking-as-a-service (BaaS) providers that give you a licence and infrastructure,” Dubilet tells Sifted, ”But we have great technology — which we call ‘a neobank in a box’  — that covers everything you need to build a big and profitable digital bank.”


Read more here.

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