The startup Fintech Farm, founded by three Ukrainians including Dmytro Dubilet, has launched a neobank called Simbank in Kyrgyzstan. This marks the fifth market for Fintech Farm.
Simbank operates based on the Kyrgyz bank Doscredobank. Users can now download the Simbank app, which offers a range of standard banking services. Specifically, users can open a credit card with a limit of 200,000 soms (approximately $2,375).
The Simbank app started operating at the end of August and is currently in beta testing. It is available on the App Store and Google Play.
Previously, Fintech Farm launched Leobank in Azerbaijan, Liobank in Vietnam, and is preparing a project for launch in India. Earlier this spring, it was reported that $32 million in investments were raised for the Indian market. At that time, Dmytro Dubilet mentioned that part of this funding is intended for salaries for the Ukrainian team.
“Vietnam or India are quite large, well-developed markets that, in our opinion, have been waiting for our product. Kyrgyzstan is one of the smaller countries where we understand how to quickly build an efficient and profitable business,” said Fintech Farm co-founder Mykola Bezkrovnyi in May.
He also noted that Fintech Farm is interested in several other countries in Central and Southeast Asia. The company has already held talks with a potential partner in Morocco, but no launch details have been announced yet. Fintech Farm is also considering entering the Armenian market, which is being eyed by their investment partner, Bank of Georgia.
