Today insha, the “account with principles”, has announced a seed financing round of €2.5 million, led by 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.
Founded in 2018, 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.
The fintech 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.
insha states that it 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.
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% to 40,000+ in Germany. insha is a spin-off of the traditional bank Albaraka.
Yakup Sezer, Founder and Managing Director of insha, commented on the investment: “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.”
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.”