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.”
