Insha, an offshoot start-up of Albaraka Türk Participation Bank, has raised 2.5 million euros ($2.96 million) in seed funding.
The round was led by Turkish payments provider Param, Insha said in a statement on Tuesday (Oct 20).
Insha founder and managing director Yakup Sezer said the investment will help the start-up “optimize and localize” its activities in line with its expansion strategy.
Insha told Salaam Gateway in June it was eyeing expansion into Europe from its Berlin base.
The Shariah-compliant mobile bank said at the time that it has its sights on France, Belgium, Netherlands, Austria and the United Kingdom, to begin with.
Insha launched in 2018 and its first year of operations was funded by an investment of 5 million euros from Albaraka Türk Participation Bank.
Sezer told Salaam Gateway in June the digital-only bank hit 31,500 users in Germany in April, delivering a 29 million euro transaction volume.
The start-up said in the statement on Tuesday that its number of users in Germany grew more than 300% to 40,000 since the beginning of 2020.
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