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'Neobank in a box' startup Fintech Farm raises $32 million

'Neobank in a box' startup Fintech Farm raises $32 million

Fintech Farm, a London-based startup that helps banks in emerging markets to launch all-digital neobanks, has raised $32 million in funding.

The investment comprises an initial Series B round led by London-based venture firm Nordstar and an extension Series B round led by the London Stock Exchange-listed Bank of Georgia.

Fintech Farm's 'neobank in a box' service comrpises an arrray of operational apps for fledgeling challenger banks encompassing features such as debit and credit cards, buy now pay later options, credit engines, and stock investment.

Based in London, the company was founded by three Ukrainian nationals, Dmytro Dubilet, the co-founder of digital banking startup Monobank, IT lead Oleksandr Vitiaz, and former M&A director at KPMG UK, Nick Bezkrovnyy.

Fintech Farm’s first project, Leobank, was launched in 2021. To this date, it has already acquired over 1 million active users. Other projects in the company’s portfolio include Liobank in Vietnam and Fibo in Nigeria.

Fintech Farm has now set its sights on the Indian market, where the goal is to make credit more accessible to consumers. It already has a local bank partner, the name of which remains undisclosed.

Comments: (1)

Bill Trueman
Bill Trueman - Riskskill.com - London 14 May, 2024, 14:03Be the first to give this comment the thumbs up 0 likes

Most startup banks and payments institutions 'live or die' around and from the regulatory position, compliance and governance. The burdens are there (rightly) to protect the customer (you and me) by making sure that people stting up a FS business do so responsibly, ethically and properly and always within the law. 

The regulation, governance and compliance / AML, risk management, capitalisation / liquidity, consumer duty requirements are just the starting-point; and getting regulatory approval always takes more than 12 months...... 

Let's see what happens and how these hurdles are addressed!