Following its initial foray into digital banking in Azerbaijan last November, Fintech Farm, a British company, plans to expand the effort by opening digital banks across Africa and Asia over the following two years.
Over the next two years, Fintech Farm wants to build fully digital banks in eight emerging markets, Asia, and Africa. Nigeria is the first country to be targeted by the UK-based organization. By the first quarter of 2022, it intends to deploy there.
“Nigeria will be our next target market. It is one of our favorite nations, which we have visited multiple times,“ Dmytro Dubilet, co-founder of Fintech Farm, stated.
To that effect, the startup has obtained $ 7.4 million in a funding operation led by investment firms Flyer One Ventures and Solid to fund its neobank formation operations. A number of additional investors took part as well.
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Fintech Farm will collaborate with licensed banking institutions in the area. “The company is co-invested in equally by the two parties. Fintech Farm is in charge of the commercial side of things, as well as the application and credit decision processes. The local knowledge, license, and capital are all held by the partner bank “Dubilet elaborated.
By building the digital bank Leobank, the British fintech opened its first market, Azerbaijan, in November 2021. It plans to expand its operations in eight more emerging markets.
Fintech Farm would offer “fair” interest rates in Nigeria, its next target market, when compared to those charged in the market by traditional banks. The British fintech is also considering creating mass credit cards that are affordable to low-income people.
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In this field, the future neobank will discover well-established players who serve the Nigerian people. Fairmoney, Sparkle, which raised $3.1 million last October, and Kuda are examples.
Fintech farm Nigeria Fintech farm Nigeria
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer