Fintech startup insha raises €2.5M to expand across Europe

Berlin and Istanbul-based online banking startup has closed a €2.5 million Seed round led by Param, a Turkish payment service provider, reports Tech.eu.

insha is the mobile banking that calls itself “the account with principles”. According to the startup, its principles of sustainable banking are based on moral & ethical values, such as not reinvesting clients’ money in interest-related fields and «dirty industries», including arms, tobacco, alcohol, betting or avoiding all activities which may harm people, animals, and nature.

Founded in 2018 as Islamic banking service fully backed by Albaraka Türk, Turkey’s first participation bank, insha with its second office in Berlin is now available in Germany and regulated by EU authorities. Since the beginning of 2020, the number of German users has already exceeded 40,000.  

insha is planning to spend the received funding on expanding its business to the UK and other European markets, as well as develop its product and hire new employees in both cities.