Fintech Farm nabs $7.4M to launch neobanks in Nigeria and other emerging markets
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Fintech Farm
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TechCrunch
Flyer One Ventures
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Nick Bezkrovnyy
KPMG U.K.
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Dmytro Dubilet
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Summary
Fintech Farm, a newly launched fintech startup based in the U.K. that creates digital banks in emerging markets, confirmed to TechCrunch today that it has raised $7.4 million in seed funding.The company said it plans to use the investment to launch neobanks in eight countries over the next 24 months. Fintech Farm uses a different name in each country it launches, but the same design and mascot — a funny-looking lion with a lilac mane.Three months into its launch in Azerbaijan as Leobank, Fintech Farm has issued over 100,000 cards; by the end of the year, it hopes to get this number up to a million.And in the next two years, Fintech Farm plans to enter eight emerging markets spread across Africa and Asia, the first of which is Nigeria.“We have a plan to launch similar businesses in around eight other markets that are slightly bigger than Azerbaijan, of course,” said Dubilet.
As said here by Tage Kene-Okafor