Launched in 2020, Fintech Farm partners with mid-sized banks in emerging markets that want to build neobank applications but lack digital know-how. Dmitri Dubilet, the startup's co-founder, says the startup is different from other banking-as-a-service (BaaS) players because it focuses on providing operational support rather than regulatory or infrastructure services.
The founding team includes co-founder of Ukrainian neobank Monobank Dmytro Dubilet, former head of KPMG M&A Nik Bezkrovniy, and Alexander Vityaz, founder of cloud-based operating system provider Corezoid.
The company previously raised a $7.4 million investment in 2022 from Flyer One Ventures and Solid with participation from TA Ventures, Jiji, u.ventures and Aventures Capital.
It has so far been launched in Azerbaijan, where it is partnering with a local bank to create an app-based offering for more than 1 million users.
The startup will enter the Indian market with the new investment. That said, co-founder Bezkrovniy says India is one of the markets you have to be in these days, "the competition there is pretty intense, but now is a good time to get in."
Fintech Farm offers a similar service under the name LeoBank in Azerbaijan and LioBank in Vietnam. The service will also start operating in India and Kyrgyzstan this year.
