Insha, a Germany-based online banking startup, announced on Tuesday it secured €2.5 million in seed funding from payments provider, Param. Founded in 2018, Insha states it offers an innovative and fully digital account based on the principles and does not engage in interest-based transactions or investment in socially destructive areas.
“As a digital banking service based on strong moral principles, we offer tools that help its customers achieve their saving goals, gain insights into spending behavior, transfer money abroad for little cost, and donate easily to charities of their choice. With offices in Berlin and Istanbul, insha is regulated by EU authorities and fully backed by Albaraka Türk, Turkey’s first participation bank.”
Speaking about the investment, Yakup Sezer, Founder and Managing Director of Insha reportedly stated:
“I am very pleased that 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 her confidence in our team, our business model and our vision.”
Insha added that in 2021 it is looking to introduce Principled digital accounts to six more countries in Europe.