Ukrainian Fintech Farm, a newly launched fintech startup based in the U.K. that creates digital banks in emerging markets, has raised $7.4 million in seed funding led by Flyer One Ventures and Solid with participating TA Ventures, Jiji.ng, u.ventures and AVentures Capital.
- The company plans to use the investment to launch neobanks in eight countries over the next 24 months.
- After helping to scale monobank in Europe, Dmytro Dubilet one of its co-founders, aims to do the same in emerging markets via his new company. He started Fintech Farm with Nick Bezkrovnyy, a former director at KPMG U.K. and Middleware, Inc. founder and CEO Alexander Vityaz.
- Digital banks, neobanks, challenger banks or whatever you may call them, are among the biggest recipients of VC investments in fintech. Globally, hundreds have sprung forth the past few years to challenge incumbents in their respective markets.
- In Eastern Europe, for instance, Ukrainian neobank Monobank, in just the years of operations, has amassed over 4.5 million customers and more than $100 million in operating income, as claimed by the company last year.
- In November 2021, Fintech Farm launched in its first market, Azerbaijan. It took a credit-led neobank approach by providing loans to customers with thin credit histories via cards and a mobile app.
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