Neobank insha bags €2.5m in seed funding round

insha, the Islamic challenger bank that boasts about offering an “account with principles”, has secured €2.5m in a new investment round.

Turkish payment service provider Param led the seed round, according to a report from EU-Startups.

Berlin-based insha will use the money to fund its European expansion, further develop its ethical banking product and strengthen the team at its headquarters in Berlin and Istanbul.

The two-year old FinTech has all the regular nuts you’d expect from a digital bank these days. It offers features designed to help users save and control their expenditures.

The thing that makes it argue for for its higher ethics is that it guarantees that it follows sustainable banking and guarantees that deposits won’t be reinvested in morally questionable companies such as arms, tobacco, alcohol or betting.

The company is created with the goal of creating a Muslim alternative to traditional FinTech solutions, something the founder and managing director Yakup Sezer (pictured) recently told FinTech Global was missing in the European financial industry.

“I am very pleased that Param, a Turkish FinTech pioneer, has joined our family,” said Sezer. “This investment will not only strengthen our financial position while we continue our European expansion. Param also brings a wealth of relevant experience. The money will help to optimize and localize our activities in line with our expansion strategy. I am very excited to move into the future together and would like to thank Param again for her confidence in our team, our business model and our vision.”

Emin Can Yılmaz, founder of Param, added, “We have full confidence in insha’s vision and in their banking solutions. With our investment we want to strengthen both insha and ourselves and accelerate our European expansion. This investment is of great strategic importance to us and we are confident that it will generate significant returns for both parties.”

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