insha, the account with principles, has announced a seed financing round of €2.5 million. Investment led by Turkish payment service provider Param (its means "my money" in Turkish) and insha planning to use this investment as part of their expansion plans in Europe. Besides, insha will 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 depositsare not reinvested in morally questionable companies such as arms manufacturersor used for consumer loans that charge interest.
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 toinvest 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 and insha's new target will be the UK market. According to Ozgur Bayraktar's LinkedIn profile (COO of the insha) company will launch in other six countries (one of them is the UK) in 2021, but country names are not disclosed.
insha launched in 2018, and since the beginning of 2020 the number of users has grown by more than 300% to 40,000+ in Germany. insha is a spin-off of the traditional bank Albaraka.
Yakup Sezer, CEO of insha
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 their confidence in our team, our business model and our vision.
Emin Can Yılmaz, founder of Param
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.
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