insha Ventures, founded by Albaraka Portfolio Management Inc. Innovation Venture Capital Investment Fund, as a subsidiary of Albaraka Turk Participation Bank, started its activities in August 2020. Researching, evaluating, testing and implementing technologies and applications that will bring innovative solutions to its customers’ financial needs, insha Ventures aims to develop financial technologies (fintech) projects and grow by managing them. insha Ventures, which started its activities in August 2020 as the founder of the fintech venture and was implemented by Albaraka Turk, sets out to enlarge the fintech ecosystem.
Within the framework of open innovation and working together, the company aims to develop different collaborations with other institutions in the ecosystem, especially fintech initiatives. The company that places open banking in its focus and aims to be the first of its sector in the world and in Turkey. insha Ventures is preparing to become a “venture builder” and a global voice with offices in Istanbul and Berlin and accordingly gathers all its services under one roof.
Fintech companies in Turkey focus largely on payment systems. API banking gained currency in Europe, with the PSD2 regulation coming into force. Financial infrastructure and service providers will have to open the infrastructure of the service they offer to third party companies through APIs. insha Ventures believed that there is disruptive innovation potential in many different areas such as payments, mobile banking, online money transfer, asset management, InsurTech (insurance), capital markets (financial modelling and analysis software), crowdfunding and blockchain. insha Ventures acquired knowledge and experience due to serving as insha Digital Bank in Europe for 3 years and will transfer this knowledge to Turkey.
insha is also, the owner of the projects such as ApiConnect, an API service platform with more than 30 APIs in 6 categories of Albaraka Turk Participation Bank, and NakitBasit, a digital cash platform that allows withdrawing money from retail chain stores with low commissions.
All initiatives under one roof: insha Ventures
insha Ventures previously offered an alternative to traditional banking by launching insha, Europe’s first digital interest-free bank, aiming to be the first in the sector on a local and global scale due to the nature of innovation.
In addition, with Alneo, a new generation digital payment application, it transformed smartphones into POS. Alneo, a new generation digital payment application with a B2B business model, enables member businesses to receive payments from their customers with instalment options for all debit / credit cards without the need for any physical POS device. Still, with this project, the company is working on solving the problems of workplaces arising from physical POS devices.
Yakup Sezer, the CEO of the company that gathers these services and new services to be launched in the future under the roof of “insha Ventures”, said:
‘’ Developments in digitalization affect consumers’ expectations, behavior and perspective on financial services. This development creates new customer segments that expect to receive fun, fast and user-friendly financial services that are easily accessible from anywhere. Our aim is to be a globally leading “venture builder” company and to be an institution that has a say in the financial sector with the fintech ecosystem we have developed.’’
Sezer also stated that while providing services through newly developed fintechs locally, they will primarily focus on the sales of these developed technologies by other institutions globally.
source: egirisim.com / translated by Melisa Karayusufoglu