Insha, a Berlin and Istanbul-based banking startup that dubs itself ‘the account with principles’, has raised €2.5 million in a seed round led by Param, a Turkish payment service provider. The fintech startup will use the funding to expand across Europe, localise and develop its product as it grows, and hire new employees in both cities.
The startup says it follows 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”. The app also offers international money transfers to the 28 SEPA countries.
The business, which began as an Islamic banking service but is broadening its brand to appeal to all kinds of conscious consumers, is developing uncommon investment options, too. Users will be able to invest in ethical business ideas together with insha, sharing profits and losses. The company also says that when users invest in gold, they’ll have the corresponding equivalent value in real gold delivered to their homes.
Founded in 2018, the challenger bank is a digital offshoot of Albaraka Türk Participation Bank and was first developed for the Turkish market. Now insha is regulated by EU authorities and currently available in Germany. In a press release, the startup says that since the beginning of 2020, the number of German users has grown by more than 300 percent, topping 40,000.
Thanks to the new investment, the business will expand to the UK and other European markets soon.
Photo: Yakup Sezer (CEO, insha) and Emin Can Yilmaz (CEO, Param)