Ukrainian-founded Fintech Farm raises $32M to expand in India

Fintech Farm, a London-based company that provides digital banks know-how (neobanks) in emerging markets, has raised $32 million in Series B financing round led by the London Stock Exchange-listed Bank of Georgia. The capital will help the company to expand its operations to India, Sifted reports.

About Fintech Farm

  • Fintech Farm was founded by three Ukrainians Dmytro Dubilet, Oleksandr Vityaz, and Mykola Bezkrovny in 2020. It is a platform for launching neobanks in partnership with traditional banks around the world.
  • The first Fintech Farm project was Leobank, which the company launched in Azerbaijan with the local bank Unibank. In March 2023, the startup launched Liobank in Vietnam. The third market for Fintech Farm was Nigeria, where Fibo was launched in the beta stage, which so far only works in Lagos.
  • Dmytro Dubilet and Oleh Horohovskyi (as well as several other co-founders) jointly launched Fintech Band and monobank. Subsequently, Dubilet left the Fintech Band team. Fintech Farm is one of his new projects.
  • In January 2022, Fintech Farm raised $7.4 million in an investment round led by the Ukrainian venture fund Flyer One Ventures and Solid. African marketplace Jiji and funds TA Ventures, u.ventures, AVentures Capital also participated. Additionally, a year ago, Fintech Farm secured another $22 million round led by the Nordstar fund.
  • The fresh investment was led by the London Stock Exchange-listed Bank of Georgia, a UK incorporated financial services holding company. The group comprises a retail banking and payments business, and a corporate banking and investment banking business.

Fintech Farm plans to use it on building out its fintech product and expand its operations to India.

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