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Fintech Farm Secures $32M to Expand its 'Neobank in a Box' Model to India

Fintech Farm Secures $32M to Expand its 'Neobank in a Box' Model to India

Fintech formA London-based startup that specializes in providing technology solutions to mid-sized banks in emerging markets has successfully raised $32 million in funding. The investment includes an initial Series B round led by London-based venture firm Nordstar and an expanded Series B round led by London Stock Exchange-listed Bank of Georgia.

Together with Dmytro Dubilet, founder of Ukraine neobank Monobank, Nick Bezkrovnyy, former KPMG M&A executive, and Alexander Vityaz, founder of cloud-based operating system provider Corezoid, Fintech Farm offers a unique approach to digital banking. Unlike traditional banking as a service (BaaS) providers, Fintech focuses on offering operational support rather than form regulatory or infrastructure services.

“We have great technology – what we call 'a newbank in a box' – that covers everything you need to build a large and profitable digital bank,” explains Dubelet. The platform offers essential features such as debit and credit cards, buy-now-pay-later options and stock investments, similar to those offered by Nubanks in Europe.

After already launching successful partnerships in Azerbaijan and Vietnam, serving more than 1 million customers, Fintech Farm is now setting its sights on India. With plans to increase consumer access to credit in the Indian market, the company aims to leverage adoption of digital payment systems such as Unified Payments Interface to collaborate with local banks in offering lending products.

The funding round illustrates the growing interest of Europe's tech investors in B2B fintech models. Fintech Farm's success reflects a wider trend of European fintechs giving business clients a significant share of funding in the sector.

With $2.1 billion invested in B2B fintech in the first quarter of 2024, the sector continues to thrive, reflecting the increasing relevance of fintech solutions to enterprise needs.

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