Based in London and founded by Ukrainians, Fintech Farm, a company that specializes in launching neobanks in partnership with traditional banks worldwide, has raised $32 million in a Series B round to expand into the Indian market.
Fintech Farm was founded in 2020 by Dmytro Dubilet, Oleksandr Vitiaz, and Nick Bezkrovnyy. It collaborates with medium-sized banks in emerging markets, helping them to create and run neobank apps.
Fintech Farm’s first project, Leobank, was launched in 2021. To this date, it has already acquired over 1 million active users. Other projects in the company’s portfolio include Liobank in Vietnam and Fibo in Nigeria.
In January 2022, Fintech Farm raised $7.4 million in funding led by Ukrainian Flyer One Ventures and the US fintech company Solid. Jiji, an African marketplace managed by Genesis, together with TA Ventures, u.ventures, and AVentures Capital, also took part.
The initial $22 million Series B funding round was closed by Fintech Farm in April 2023. The investor was Nordstar, a London-based venture company that focuses on fintech, e-commerce, marketplaces, and software, with around 60 startups in its portfolio at this moment. This extension of the Series B came from the Bank of Georgia.
Using the Series B funding, Fintech Farm now aims at the Indian market, where the goal is to make credit more accessible to consumers. It already has a local bank partner, the name of which remains undisclosed.
