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


Fintech Farm, a London-based startup specializing in providing technology solutions to medium-sized banks in emerging markets, has successfully raised $32 million in funding. The investment comprises an initial Series B round led by London-based venture firm Nordstar and an extension Series B round led by the London Stock Exchange-listed Bank of Georgia.

Founded by Dmytro Dubilet, the founder of Ukrainian neobank Monobank, along with Nick Bezkrovnyy, former KPMG M&A exec, 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 Farm focuses on offering operational support rather than regulatory or infrastructure services.

Dubilet explains, “We have great technology — which we call ‘a neobank in a box’ — that covers everything you need to build a big and profitable digital bank.” The platform offers essential features such as debit and credit cards, buy now pay later options, and stock investment, akin to those provided by neobanks in Europe.

Having already launched successful partnerships in Azerbaijan and Vietnam, serving over 1 million users, Fintech Farm is now setting its sights on India. With plans to enhance consumer access to credit in the Indian market, the company aims to leverage the significant adoption of digital payment systems like the Unified Payments Interface to collaborate with local banks in offering lending products.

The funding round underscores the growing interest of Europe’s tech investors in B2B fintech models. Fintech Farm’s success reflects the broader trend of European fintechs catering to business clients receiving a significant share of funding in the sector.

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

Related Stories