Fintech Farm, a newly launched fintech firm has announced a seed funding raise of $7.4 million to expand into Nigeria and seven other emerging markets
The funding round was led by Flyer One Ventures and Solid. AVentures, AV ventures capital, Jiji, and U. Ventures also participated in the seed funding. According to the UK-based startup, the firm will launch neobanks across 8 countries, including Nigeria over the next 2 years.
The company has visited Nigeria severally and its founders have stated that Nigeria is one of their favourite countries. However, for its operations in Nigeria, the company would be adopting a different approach. Instead of partnering with banks, it has obtained a cooperative license and would only partner with a bank to scale further if the company gets up to 200,000 customers.
Fintech Farm belongs to the category of tech startups that receive the highest amount of funding from venture capitalists, as Digital banks have received significant seed funding from venture capitalist companies.
What you should know about Fintech Farm
Fintech farm is a newly launched fintech startup based in the U.K that creates digital banks in emerging markets. It is founded by Dmytro Dubilet, Nick Bezkrovnyy and CEO Alexander Vityaz.
The firm launched its first market in November 2021 called Azerbaijan. Upon its launch, it started providing loans to customers with thin credit histories via cards and mobile applications.
As a U.K.-based fintech, Fintech Farm takes a different approach from the conventional model used by neobanks.
The tech start-up also uses a different name in each country it launches but maintains the same design and mascot. Fintech Farm has issued over 100,000 cards and by the end of the year, it hopes to get this number up to a million.