Fintech Farm, which is helping to create neobanks in emerging markets, has reportedly closed its Series B funding round on $22m.
Growth investor Nordstar Fund led the round, which included equity and a convertible loan, according to a report from AIN.Capital. Another investor in the round was Chrome Capital.
Fintech Farm, which is based in the UK, was founded in 2020 by Dmytro Dubilet, Oleksandr Vityaz and Mykola Bezkrovny.
The company helps to create neobanks in emerging markets. These services provide customers with user-friendly mobile apps and credit products for mass audiences and those with little credit history.
It has launched three neobanks, so far. These are Leobank in Azerbaijan, Liobank in Vietnam and Fibo in Nigeria.
These neobanks offer customers a free credit card, which has 0% interest for the first 45 days.
Another of its features is to transfer money by simply shaking the mobile phone. The feature allows a user to send money to someone whilst on the Fibo app and shaking both of the phones, there is no need for account details or phone numbers.
Fintech Farm previously raised $7.4m in a seed funding round, which was co-led by Flyer One Ventures and Solid.
In other FinTech news, B2B BNPL provider Hokodo secured an extension to its Series B funding round from Citi. The company raised the capital to extend its global presence, with its services currently available in the UK, France, Spain, Germany, Belgium and the Netherlands.
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