CRESTHUB
CRESTHUB MAGAZINE
  • NEWS
    Flutterwave debunks Alleged Reports of Hacked Accounts

    Flutterwave debunks Alleged Reports of Hacked Accounts

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    Jumba raises $4.5 Million Pre-seed to Expand the supply of Construction materials in Kenya.

    Jumba raises $4.5 Million Pre-seed to Expand the supply of Construction materials in Kenya.

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    PICTDA announces Resumption Date for Code Plateau Cohort

    PICTDA announces Resumption Date for Code Plateau Cohort

    Releaf secures $3.3 million Pre-series A funding to improve its Food Processing Technology

    Releaf secures $3.3 million Pre-series A funding to improve its Food Processing Technology

  • FEATURED
    Nigeria’s Cash Swap Policy: Goals versus Results

    Nigeria’s Cash Swap Policy: Goals versus Results

    Six Things that could Shape the Northern Nigerian Tech Ecosystem in 2023

    Six Things that could Shape the Northern Nigerian Tech Ecosystem in 2023

    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

    SmallSmall to Expand to Jos following a $3 Million Seed Raise

    SmallSmall to Expand to Jos following a $3 Million Seed Raise

    The Increase in Data Prices is a Big Challenge for Remote Workers in Nigeria

    How Tobiloba Olusola is making Electronic Health Records Accessible to Patients

    How Tobiloba Olusola is making Electronic Health Records Accessible to Patients

  • BLOCKCHAIN
    Binance now accepts Naira Deposits and Withdrawals

    Binance now accepts Naira Deposits and Withdrawals

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Is Africa Ready to Operate a Digital Monetary Policy?

    Is Africa Ready to Operate a Digital Monetary Policy?

    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

    PLA2SMART Set to Lead a New Frontier in Nigeria’s Tourism Economy

    Bundle Launches Web App to Give Users More Accessibility to Crypto

    Bundle Launches Web App to Give Users More Accessibility to Crypto

  • FINANCE
    CBN prohibits Foreign Banks from Offering Banking Services

    CBN prohibits Foreign Banks from Offering Banking Services

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    Flutterwave gets Switching and Processing licence from CBN

    Flutterwave gets Switching and Processing licence from CBN

    Google Expands its Digital Wallet to South Africa

    Google Expands its Digital Wallet to South Africa

    FCCPC Orders Drawdown of Online Credit Companies

    FCCPC Orders Drawdown of Online Credit Companies

  • START UPS
    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    PressOne Africa raises $600,000 Pre-seed Funding to Support Entrepreneurs

    PressOne Africa raises $600,000 Pre-seed Funding to Support Entrepreneurs

    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

    Yebo Fresh raises $4.5 million to Supply Fresh Food in South Africa

    Yebo Fresh raises $4.5 million to Supply Fresh Food in South Africa

    Sky.Garden survives Shutdown, gets New Owners

    Sky.Garden survives Shutdown, gets New Owners

  • PODCAST
CRESTHUB
  • NEWS
    Flutterwave debunks Alleged Reports of Hacked Accounts

    Flutterwave debunks Alleged Reports of Hacked Accounts

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    Jumba raises $4.5 Million Pre-seed to Expand the supply of Construction materials in Kenya.

    Jumba raises $4.5 Million Pre-seed to Expand the supply of Construction materials in Kenya.

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    PICTDA announces Resumption Date for Code Plateau Cohort

    PICTDA announces Resumption Date for Code Plateau Cohort

    Releaf secures $3.3 million Pre-series A funding to improve its Food Processing Technology

    Releaf secures $3.3 million Pre-series A funding to improve its Food Processing Technology

  • FEATURED
    Nigeria’s Cash Swap Policy: Goals versus Results

    Nigeria’s Cash Swap Policy: Goals versus Results

    Six Things that could Shape the Northern Nigerian Tech Ecosystem in 2023

    Six Things that could Shape the Northern Nigerian Tech Ecosystem in 2023

    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

    SmallSmall to Expand to Jos following a $3 Million Seed Raise

    SmallSmall to Expand to Jos following a $3 Million Seed Raise

    The Increase in Data Prices is a Big Challenge for Remote Workers in Nigeria

    How Tobiloba Olusola is making Electronic Health Records Accessible to Patients

    How Tobiloba Olusola is making Electronic Health Records Accessible to Patients

  • BLOCKCHAIN
    Binance now accepts Naira Deposits and Withdrawals

    Binance now accepts Naira Deposits and Withdrawals

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Is Africa Ready to Operate a Digital Monetary Policy?

    Is Africa Ready to Operate a Digital Monetary Policy?

    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

    PLA2SMART Set to Lead a New Frontier in Nigeria’s Tourism Economy

    Bundle Launches Web App to Give Users More Accessibility to Crypto

    Bundle Launches Web App to Give Users More Accessibility to Crypto

  • FINANCE
    CBN prohibits Foreign Banks from Offering Banking Services

    CBN prohibits Foreign Banks from Offering Banking Services

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    Flutterwave gets Switching and Processing licence from CBN

    Flutterwave gets Switching and Processing licence from CBN

    Google Expands its Digital Wallet to South Africa

    Google Expands its Digital Wallet to South Africa

    FCCPC Orders Drawdown of Online Credit Companies

    FCCPC Orders Drawdown of Online Credit Companies

  • START UPS
    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    PressOne Africa raises $600,000 Pre-seed Funding to Support Entrepreneurs

    PressOne Africa raises $600,000 Pre-seed Funding to Support Entrepreneurs

    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

    Yebo Fresh raises $4.5 million to Supply Fresh Food in South Africa

    Yebo Fresh raises $4.5 million to Supply Fresh Food in South Africa

    Sky.Garden survives Shutdown, gets New Owners

    Sky.Garden survives Shutdown, gets New Owners

  • PODCAST
No Result
View All Result
CRESTHUB
No Result
View All Result
Home StartUps

Fintech Farm Secures $7.4 Million, to Launch Neobanks in Nigeria and Other Emerging Markets

by Nuel Umahi
January 14, 2022
in StartUps
Reading Time: 4 mins read
0
Fintech Farm Secures $7.4 Million, to Launch Neobanks in Nigeria and Other Emerging Markets
Share on FacebookShare on Twitter

Newly launched financial technological startup, Fintech Farm, which is based in the United Kingdom and known for creating digital banks in emerging markets has raised the sum of $7.4 million in seed funding.

Leading the seed round was Flyer One Ventures and Solid; also participating were TA Ventures, Jiji, u.ventures and AVentures Capital.Fintech Farm said its plans for the funds raised is to use its investments to launch neobanks in Nigeria and eight countries over the next 24 months.

The company has visited Nigeria severally and its founders have stated that Nigeria is one of their favourite countries. However, for its operations in Nigeria, the company would be adopting a different approach.

Instead of partnering with banks, it has obtained a cooperative license and would only partner with a bank to scale further if the company gets up to 200,000 customers.

Speaking on the reason for Nigeria, Bezkrovnyy said in a statement that there is an opportunity for a mass credit card in Nigeria as credited cards issued by traditional banks are limited to upper-middle class.

He said, “In terms of the credit product, we see an opportunity for a “mass credit card” in Nigeria. Currently, credit cards issued by traditional banks are limited to the upper-middle class”.

He further added that, “At the same time, APRs of credit offerings from neobanks and alternative lenders may well be over 100%. We are going to fill this gap and accept those customers neglected by traditional banks and offer them fair interest rates.”

Neobanks – also known as digital banks or challenger banks are banks that operates exclusively online without traditional physical branch networks. Globally, hundreds have sprung forth the past few years to challenge incumbents in their respective markets.

Fintech Farm belongs to the category of tech startups that receive the highest amount of funding from venture capitalists, as Digital banks have received significant seed funding from venture capitalist companies.

Statement On The Raise and Its Plan

As part of its financing round, Vladimir Mnogoletniy, co-founder of Genesis, the parent company of African online classifieds platform Jiji, is said to join Fintech Farm’s board. He is also a partner at co-lead investor Flyer One.

The founders believe the expertise and understanding of Mnogoletniy and his Jiji team will be pivotal to Fintech Farm’s growth.In a statement, Mnogoletniy said Jiji, having built one of the largest e-commerce platforms on a GMV basis, was looking for the right partner to enter the neobanking space. Investing in Fintech Farm was a strategic investment to that end.

As Fintech Farm carries out its expansion plans, it also intends to spend heavily on marketing and hiring talent, especially engineers and data scientists.

About Fintech Farm

Fintech farm is a newly launched fintech startup based in the U.K that creates digital banks in emerging markets.

It is founded by Dmytro Dubilet, Nick Bezkrovnyy and CEO Alexander Vityaz.

The firm launched its first market in November 2021 called Azerbaijan. Upon its launch, it started with the provision of loans to customers with thin credit histories via cards and mobile applications.

As a U.K.-based fintech, Fintech Farm takes a different approach from the conventional model used by neobanks.

The tech start-up also uses a different name in each country it launches but maintains the same design and mascot.

Fintech Farm has issued over 100,000 cards and by the end of the year, it hopes to get this number up to a million.

Related

Tags: FintechFintech Farm
Previous Post

Venture Capitalist Firm, Ajim Capital Launches $10 Million Fund to Invest in African Startups

Next Post

Kenyan BNPL Startup Lipa Later Raises $12m to Expand Across Africa

Next Post
Kenyan BNPL Startup Lipa Later Raises $12m to Expand Across Africa

Kenyan BNPL Startup Lipa Later Raises $12m to Expand Across Africa

Could Clubhouse be Just the Right Platform for Nigerian Influencers to Get Bigger?

Could Clubhouse be Just the Right Platform for Nigerian Influencers to Get Bigger?

No Result
View All Result

CRESTHUB MAGAZINE

Popular Posts

  • The Impact of E-commerce in Strengthening the Supply and Distribution Chain of Nigerian Businesses
  • Flutterwave debunks Alleged Reports of Hacked Accounts
  • Nigeria’s Cash Swap Policy: Goals versus Results
  • WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa
  • Jumba raises $4.5 Million Pre-seed to Expand the supply of Construction materials in Kenya.

Cresthub

Learn, Start and Grow your Business with Innovative Business Solutions at Cresthub.

Company

  • About Us
  • Contact Us
  • Advertise With Us
  • Privacy Policy

Products

  • Cresthub Magazine
  • Cresthub Podcast
  • Cresthub Insight

Socials

Facebook Twitter Youtube
  • About Us
  • Contact Us
  • Advertise With Us
  • Privacy Policy

© 2022 Cresthub Media

No Result
View All Result
  • NEWS
  • FEATURED
  • BLOCKCHAIN
  • FINANCE
  • START UPS
  • PODCAST

© 2022 Cresthub Media

Cresthub newsletter
THE WEEKLY ROUND UP

Join our newsletter to get first hand insight in tech and start up happenings in Nigeria and Africa at large.

Enter your email address