Turkish Startup Fimple Raises $2M to Grow BaaS Solutions

Turkish startup Fimple has drawn $2 million worth of investments in a two-month, pre-seed tour and aims for global expansion of its cloud-based financial services.

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

“From our new location in London, the heart of the global [FinTech] ecosystem, we aim to meet the needs of the international financial sector with our wide range of advanced cloud-based tech solutions,” Fimple Co-Founder and Managing Director Mucahit Gundebahar said in the release.

With its cloud-based technology solutions, Fimple helps digital banks and other financial institutions (FIs) realize Banking-as-a-Service (BaaS) and platform business models and their main systems, the release stated.

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

Founded in March by Gundebahar and Abdurrahmann Cinar, Fimple employs a team of 30 experienced engineers and aims to double the size of its staff by the end of 2022, according to the release.

With the new funding and having expanded its operations to include London, the company aims to grow next in the rest of Europe, the Middle East and Africa (EMEA) as well as Central Asia, with regional offices in Eastern Europe and the Arabian Gulf by the end of 2024, per the release.

“The [FinTech] ecosystem is in a perpetual state of evolution,” Gundebahar said in the release. “Despite its relative youth, Fimple intends to remain on the cutting edge of this evolutionary process for the foreseeable future.”

PYMNTS research has found that a growing interest in BaaS solutions is being driven by FIs’ need to provide embedded banking services to meet businesses’ and consumers’ demand for interconnected, more personalized banking experiences.

Read more: How FIs Can Capture the BaaS Opportunity to Engage Digital-First Customers

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

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