Fintech Farm, a British fintech firm that creates neobanks for emerging markets, has raised $7,400,000 to fund its new project.
Fintech Farm plans to launch neobanks across 8 countries in the next two-years with the participation of Solid and Flyer One Ventures.
The company develops neobanks that provide customers with easy-to-use mobile apps and credit products suitable for clients with low credit scores and mass audiences. Fintech Farm launched Leobank Azerbaijan in November 2021. Already 100,000 cards were issued. The company intends to expand into eight new markets in Asia and Africa over the next two-years.
Fintech Farm partners up with local banks in order to get its banking license. Each country launches neobanks with new names, but the same design as their mascot: a funny lion with an lilac mane.
Fintech Farm co-founder Dmytro Dubilet said: “We believe that digital banks today must be simple, useful, and entertaining. Our app has beautiful design, practical functions, and is fun to use. The app features a cool lion you can meet. There are many nice micro-interactions to take the UX to the next stage. We also have one of the most talented data science teams in the world, which allows us to launch neobanks and credit products as soon as possible, even for clients with poor credit histories.
Nigeria is next on the company’s radar. They expect to launch there in the coming months.
Nick Bezkrovnyy is a co-founder at Fintech Farm. He said that he sees a potential for a Nigerian’mass creditcard’. Credit cards currently issued by traditional banks are only available to the upper-middle classes. However, credit offers from alternative lenders and neobanks may have higher APRs than traditional banks. We will fill the gap by accepting customers that aren’t being served by traditional banks and offering them fair interest rates em>
Flyer One provides extensive operational knowledge in Africa and other emerging markets, along with financial support. Flyer One partner Vladimir Mnogoletniy and CEO of Genesis, an African tech group that operates the leading e-commerce platform Jiji in Africa, will join Fintech Farm’s board.
Vladimir Mnogoletniy stated that he believes in the long-term potential emerging markets. We have had great success over the last 7 years building Jiji, the largest ecommerce platform on Africa (on the GMV basis), and the only ecommerce player in Africa that is close to profitability. We were searching for the right partner in order to enter the second-most interesting market, neobanking. We feel Fintech Farm with its vast experience is the best team to make this move and are delighted to announce this strategic investment em>