- Insha, a Berlin-based challenger banking startup, has raised $3 million in funding from Turkish payments company Param.
- The company was spun out of Al Baraka bank as an Islamic finance alternative with ethical banking principles.
- Check out Insha’s redacted pitch deck below.
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Islamic finance challenger banking proposition Insha has raised €2.5 million ($3 million) in funding from Turkish payments company Param. Insha claims it goes further than traditional Islamic finance by seeking to offer sustainable and ethical services to users.
Islamic finance is a method of banking that abides by Islamic law, or Sharia, which forbids charging interest and gambling. The company offers a current account, debit card, and money-transfer services via its app.
Insha, founded in 2018, is currently available in Germany with the rest of Europe, including the UK, soon to follow. The company has grown its user numbers by 300%