We got an exclusive look at the pitch deck Islamic finance challenger bank Insha used to raise $3 million in seed funding
This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now.
- 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.
- Visit Business Insider’s homepage for more stories.
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% in the past year to around 42,000 customers, the company’s CEO Yakup Seker said.
“We are offering a challenger banking service to disrupt financial services,” Seker told Business Insider in an interview. “Our main philosophy is to bring Islamic finance to all so we are integrating to include more banking partners and expand in Europe.”
The startup has offices in Berlin and Istanbul, and Insha will use the funding to expand its offering into the rest of Europe. The UK, for example, holds $19 billion in Islamic assets, according to Ernst and Young data cited by the government.
The startup is regulated by EU authorities and backed by AlBaraka Türk.
The company will also focus on ethically compliant products including a service to buy and sell gold. This proposition is not solely digital as Insha will deliver the physical gold to customers’ homes.
In addition, Insha will open an investment account through its banking partner to allow users to invest their deposits in ethical projects.
“Ethical banking is more acceptable now than previously,” Seker added. “Customers don’t want their deposits in gambling … and we will avoid these unacceptable industries.”
Check out Insha’s pitch deck below: