Fintech Farm, a British fintech company that builds neobanks in emerging nations, has raised $7.4 million to fund its new venture.
During the following two years, the business plans to open neobanks in eight nations.
Flyer One Ventures and Solid led the investment, with participation from Jiji, TA Ventures, u.ventures, and AVentures Capital.
Fintech Farm builds neobanks that offer easy-to-use mobile apps and credit solutions to a wide range of customers, including those with poor credit records.
Fintech Farm launched Leobank in Azerbaijan in November 2021, and 100,000 cards have already been issued. The corporation intends to reach eight emerging markets in Africa and Asia during the next two years.
Fintech Farm partners with local banks to enter the new market instead of getting its banking license. In each country, neobanks are launched with new names but the same design and mascot — a funny lion with a lilac mane
Dmytro Dubilet, a co-founder of Fintech Farm, commented: ‘We have a theory that today digital banks have to be not only useful and simple but even entertaining. So we’ve developed our app with beautiful design, useful functions and made it fun to use. There is a cool lion that you meet in the app. Also, there are a lot of nice micro-interactions that bring the UX to the next level. On the other hand, we have one of the best data science teams globally, so we can launch neobanks with credit products from Day 1 and issue credits even to clients with a thin credit history.
Nigeria is the next market on the company’s radar, where they expect to launch in the coming months.
Nick Bezkrovnyy, a co-founder of Fintech Farm, said: In terms of the credit product, we see an opportunity for a “mass credit card” in Nigeria. Currently, credit cards issued by traditional banks are limited to the upper-middle class. At the same time, APRs of credit offerings from neobanks and alternative lenders may well be over 100%. We are going to fill this gap and accept those customers neglected by traditional banks and offer them fair interest rates.’
Along with financial support, Flyer One brings extensive operational expertise in Africa and other emerging markets. Vladimir Mnogoletniy, Flyer One partner and CEO of Genesis, a tech group, which operates a leading African e-commerce platform Jiji, will be joining Fintech Farm’s board.
Vladimir Mnogoletniy, said: ‘We firmly believe in the long-term potential of emerging markets. Over the past 7 years, we had tremendous success building Jiji — the largest e-commerce platform (on the GMV basis) on the continent and the only sizable e-commerce player in Africa operating near profitability. We were looking for the right partner to enter the second most interesting market — neobanking — on the continent. We believe that Fintech Farm, with its extensive experience, is the right team for the move, and we’re delighted to announce this strategic investment.
Fintech Farm
Fintech Farm is a British fintech company creating neobanks in emerging markets. Its co-founder Dmytro Dubilet co-founded the Ukrainian mobile-only bank Monobank which has become one of the most successful banks in Europe. It has more than 4.5M users and over $100M in income in 2021. After Monobank, he set up Fintech Farm with Nick Bezkrovnyy, a former director at KPMG UK, where he led M&A in global fintech, and Alexander Vityaz, a founder of Middleware.
Genesis
Genesis is a co-founding company that builds global tech businesses with CEE entrepreneurs. One of the largest app developers. The apps created within the Genesis ecosystem have been downloaded by more than 300 million users worldwide.
Solid
Solid is a payments provider that connects Internet merchants to multiple acquirers and payment methods worldwide with a focus on the US, EU, LATAM, and APAC markets. The company’s unique proposition is that it primarily works with companies from Europe wishing to expand internationally – with a strong focus on apps and subscription-based businesses.
Flyer One Ventures
Flyer One Ventures is an early-stage international venture capital firm investing in SaaS, EdTech, Mobile Apps, Gaming, and FoodTech startups. The firm invests in startups founded by Eastern European teams and uses its marketing, recruiting, PR, financial, legal, and branding expertise to help them scale. Since its inception at the end of 2018, the firm has invested in more than 30 Seed and Series A startups.
Ojelabi, the publisher of Freelanews, is an award winning and professionally trained mass communicator and a recipient of the D9112 Superstar Icon Award, who writes ruthlessly about pop culture, religion, politics and entertainment.
