Fintech Farm Sees $32 Million In Latest Round Of Funding
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Fintech Farm, a financial technology company headquartered in London, has just concluded its latest funding round. The company has raised a staggering $32 million in funding.
The investment consists of an initial Series B round conducted by Nordstar, a London-based venture company. Yet another extension Series B round was secured with the Bank of Georgia leading the investment.
The team that founded Fintech Farm comprises prominent players like Dmytro Dubilet who was among the founders of Monobank, a Ukrainian neobank. Another co-founder is Alexander Vityaz, the originator of cloud-based operating system provider, Corezoid. The third team member is Nick Bezkrovnyy, a former KPMG M&A executive.
The FinTech company had previously concluded a $7.4 million funding round in 2022. The round was conducted by Flyer One Ventures. Other ventures like AVentures Capital, u.ventures, Jiji, and TA Ventures also participated.
Fintech Farm Helps Banks In Developing Market To Launch Neobank Applications
Fintech Farm was launched in 2020 as a startup that assists banks in growing markets aiming to develop neobank applications but not having enough digital expertise. Dubilet noted that the startup is different from several other banking-as-a-service players as it focuses on offering operational support instead of infrastructure or regulatory services.
Dubilet further revealed that Fintech Farm provides inclusive technology solutions, usually known as ‘a neobank in a box.’ These solutions cover all the necessities for establishing a large digital bank that could provide huge profits.
The startup has already offered its solutions to financial institutions in Azerbaijan. It has collaborated with a local bank in the country to offer more than 1 million users an app-based service. Furthermore, the company has partnered with Orient Commercial Joint Stock Bank in Vietnam, to set up Liobank.
The Startup Gets Its Earnings From Compensation Based On Its Performance
Fintech Farm receives compensation as earnings. The compensation is based on the startup’s performance, linked to both the number of clients of its partner banks and the revenue generated by these banks.
The FinTech firm plans to create a fintech product in India. The company aims to simplify the means customers can access credit. Bezkrovnyy, who’s among the company’s founders as stated above, underscores India’s strong digital payment landscape. He spoke particularly about the county’s Unified Payments Interface, which enables collaborations with local banks to render lending products.
The latest funding for Fintech Farm showcases Europe’s investment inclination towards fintechs with business-to-business models. In the first quarter of 2024, B2B fintechs saw an outstanding $2.1 billion in funding. This amount is almost double the total amount given to consumer fintechs.
