Fintech with principles raises €2.5m for European expansion
20 October 2020
insha concludes seed financing with Turkish payment service provider Param
With 300 per cent user growth this year, insha is now targeting expansion across Europe
Berlin, October 20, 2020 -- insha (www.getinsha.com), the account with principles, has announced a seed financing round of €2.5 million. The lead investor is the Turkish payment service provider Param. insha will use the money for European expansion, further develop its ethical banking product and strengthen the team at its headquarters in Berlin and Istanbul.
insha offers users a digital account that doesn’t contradict their moral values. The app helps users achieve their savings goals, offers complete control over all expenditures and a banking approach that is exclusively linked to the real economy.
insha follows the principles of sustainable banking, with a guarantee that deposits are not reinvested in morally questionable companies such as arms manufacturers or used for consumer loans that charge interest.
Account with principles
insha has taken inspiration from traditional financial products offered within Islamic finance, but has gone further to include a broader range of ethical products for a wider audience of ethically conscious consumers who care about what their deposits are used for. With insha’s investment account, users will be able to invest in ethical business ideas together with insha - sharing profits and losses. In addition, when investing in gold, users will have the corresponding equivalent value in real gold delivered to their homes.
The app is currently available in Germany, with other countries, including the UK, soon to follow. insha launched in 2018, and since the beginning of 2020 the number of users has grown by more than 300 per cent to 40,000+ in Germany. insha is a spin-off of the traditional bank Albaraka.
Yakup Sezer, CEO of insha, commented on the investment: "I am very pleased that with Param a Turkish Fintech pioneer has joined our family. 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."
insha offers a digital account that puts moral values first. With a range of innovative products integrated into its app, insha is for everyone who cares about what happens with their money. Based on strong moral principles, insha offers tools that help its customers achieve their saving goals, gain insights into spending behaviour, transfer money abroad for little cost, and donate easily to charities of their choice. With offices in Berlin and Istanbul, insha is regulated by EU authorities and backed by AlBaraka Türk.
Param is a financial technology company headquartered in Ankara and Istanbul. The company primarily offers prepaid cards and virtual POS for individual and corporate customers, and provides payment processing software and application programming interfaces for websites and mobile applications. The company supports more than 3.75 million card users and has approximately $2bn in transaction volume. Param has more than 200 employees and continues to add new members constantly to its family. It aims to be a leader in financial technology across Turkey, Europe, and the Middle East.