Islamic digital bank Insha has secured €2.5 million in seed funding from Turkish payments provider Param, as it embarks on a European expansion programme.
Founded in 2018 as an offshoot of Albaraka Turk, the mobile bank offers 'accounts with princicples' to customers in Germany and Turkey.
The company's mission statement reads: "As a digital banking service based on strong moral principles, we offer tools that help its customers achieve their saving goals, gain insights into spending behavior, transfer money abroad for little cost, and donate easily to charities of their choice."
Yakup Sezer, founder and managing director of Insha, says that Insha intends to extend its services to six more European countries in 2021.
"This investment will not only strengthen our financial position while we continue our European expansion. Param also brings a wealth of relevant experience. The money will help to optimise and localise our activities in line with our expansion strategy."