Fintech Farm raised $32 million to enter the Indian market

Ukrainian Fintech Farm, specializing in the development and development of neobanks, has raised $32 million in funding to enter the Indian market. Sifted writes about it, transmits ain.ua.

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The capital came from an initial Series B round led by London-based venture capital firm Nordstar, as well as an additional Series B round led by Bank of Georgia.

The publication notes that this is the latest sign of the focus of European investors on fintechs, which are building B2B business models.

Currently, Fintech Farm is focused on product development in India, where they hope to make loans more accessible. One of the company's co-founders, Mykola Bezkrovny, said that the competition in India is quite intense, but "now is a good time to enter this market."

Fintech Farm was founded by three Ukrainians Dmytro Dubilet, Oleksandr Vityaz and Mykola Bezkrovny in 2020. It is a platform for launching neobanks in partnership with traditional banks around the world. The first Fintech Farm project was Leobank, which the company launched in Azerbaijan with the local bank Unibank. Today, this project has almost 1 million active customers and has already turned a profit.

Dmytro Doublet and Oleg Horohovskyi (as well as several other co-founders) jointly launched Fintech Band and monobank. Subsequently, Dubilet left the Fintech Band team and its shareholders. Fintech Farm is one of his new projects.

In January 2022, Fintech Farm attracted $7,4 million in investment. The round was led by venture fund Flyer One Ventures and fintech company Solid. African marketplace Jiji and funds TA Ventures, u.ventures, AVentures Capital also participated.

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