Turkish startup Fimple raises $2 million to develop BaaS

Turkish start-up Simple has attracted $2 million in investment in a two-month pre-seed round and is aiming to expand its cloud-based financial services globally.

The Istanbul-based FinTech began its expansion by launching operations in London earlier this year, according to a Monday (September 12). Press release.

“From our new location in London, at the heart of the global market [FinTech] co-founder and managing director of Fimple Mucahit Gundebahar said in the press release.

With its cloud-based technology solutions, Fimple helps digital banks and other financial institutions (FIs) realize bank-as-a-service (BaaS) and platform business models and their core systems, the statement said. .

The company provides a platform that helps FIs build any financial product or service using a drag-and-drop interface with no coding required, according to Fimple. website.

Founded in March by Gundebahar and Abdurrahmann CinarFimple employs a team of 30 experienced engineers and aims to double the size of its workforce by the end of 2022, according to the statement.

With the new funding and after expanding its operations in London, the company aims to expand further into the rest of Europe, the Middle East and Africa (EMEA) as well as Central Asia, with regional offices in Eastern Europe and the Persian Gulf in late 2024, depending on version.

“The [FinTech] The ecosystem is in a state of perpetual evolution, Gundebahar said in the statement. “Despite his relative youth, Fimple intends to remain at the forefront of this evolutionary process for the foreseeable future.”

PYMNTS research found that growing interest in BaaS solutions is driven by the need for FIs to provide integrated banking services to meet business and consumer demand for interconnected and more personalized banking experiences.

Read more: How FIs can seize the BaaS opportunity to engage digital-first customers

Banks and BaaS providers can leverage partnerships with key industry players, such as innovative payment processors, to offer their customers interconnected financial experiences.

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New PYMNTS Study: How Consumers Use Digital Banks

A PYMNTS survey of 2,124 US consumers shows that while two-thirds of consumers have used FinTechs for some aspect of banking, only 9.3% call them their primary bank.

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