Fimple, an Istanbul-based FinTech, has raised $3m worth of investments in a pre-seed tour to grow its Banking-as-a-Service (BaaS) solutions.
Founded in March this year, Fimple provides “natural” cloud-based technology solutions specifically tailored for financial institutions, especially digital banks, to realize BaaS and platform business models and their main systems.
By August, the startup could boast a diverse team of 30 experienced engineers specialised in various aspects of banking technology.
Dr. Mucahit Gundebahar, Fimple co-founder and managing director, said, “From our new location in London, the heart of the global FinTech ecosystem, we aim to meet the needs of the international financial sector with our wide range of advanced cloud-based tech solutions.
“In only two months, we succeeded in drawing some $2m worth of investments in a pre-seed investment tour,” Gundebahar continued. “With these substantial investments – coupled with our strategic location in the UK – we have already taken the first step onto the global arena.”
Fimple is currently in the process of stepping up its global operations, especially in the European market.
Gundebahar added, “From London, we hope to rapidly expand into other geographies, including Central Asia, the Middle East, and Africa…Before the end of 2024 we plan to have several regional offices in Eastern Europe and the Arabian Gulf, including one in Dubai.”
Also in the BaaS space, Griffin recently raised $15.5m in fresh funding to support the launch of its operating system for embedded finance.
The company is building a full-stack vertically integrated banking-as-a-service platform. Its services include, compliance-as-a-service, business banking, banking infrastructure, payment tools and credit solutions.
Elsewhere in Turkey, Midas, a retail investing startup that gives access to US and Turkish equities in Turkey, raised $11m in equity funding earlier this year. Midas is the first retail investment app in Turkey to offer low commission trading, fractional shares and US equities.
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