Insha is a digital challenger bank and offshoot of Albaraka Türk Participation Bank, founded in 2018 and based in Berlin and Istanbul. It brands itself as “the account with principles,” offering sustainable banking that guarantees deposits are not reinvested in morally questionable companies (such as arms manufacturers) or used for consumer loans that charge interest. The app provides international money transfers to the 28 SEPA countries and is developing investment features that let users co-invest in ethical business ideas, sharing profits and losses; gold investments include physical delivery of equivalent real gold. Insha is regulated by EU authorities and currently available in Germany, where German users have grown by more than 300% since the beginning of 2020, topping 40,000. The company will use the €2.5 million seed funding led by Param to expand across Europe, localise and develop its product, and hire staff in both Berlin and Istanbul. It plans to expand to the UK and other European markets soon.

Total raised

$3M

Funding rounds

1

Latest round

Seed

Latest activity

Oct 2020