Fintech with principles raises €2.5m for European expansion

insha, the account with principles, has announced a seed financing round of €2.5 million. The lead investor is the Turkish payment service provider Param. insha will use the money for European expansion, further 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 deposits are not  reinvested in morally questionable companies such as arms manufacturers or used for  consumer loans that charge interest.  

The account with principles 

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 to invest 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, with other countries, including the UK, soon to  follow. insha launched in 2018, and since the beginning of 2020 the number of users has  grown by more than 300 per cent to 40,000+ in Germany. insha is a spin-off of the  traditional bank Albaraka.  

Yakup Sezer, CEO of insha, commented on the investment: “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 her confidence in our team, our business  model and our vision. 

Emin Can Yılmaz, founder of Param, added: “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.”