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FairMoney is proud to be in the list of the 15 fastest-growing French startups
FairMoney, a financial service provider in Nigeria that offers its users an easy and stress-free access to credit, savings and investments, has announced the launch of its redesigned mobile banking app home page. This revamp is aimed at providing its users with a more seamless and innovative banking experience. The new app comes with a host of features that make banking easy and transactions faster.
Nigerian credit-led digital banking platform FairMoney has acquired PayForce (sub-brand of YC-backed CrowdForce), a merchant payment services that serves small businesses, as the digital lender looks to broaden its financial services proposition to merchants.
Neobanks have led the charge as regards venture capital funding for consumer fintech startups. But while they have collectively dominated the fintech space, they don’t operate a monolithic model. There are five distinct models, and the one adopted by Nubank, the $30 billion behemoth, is the credit-led model. Neobanks operating this model start by offering credit via cards or on an app and subsequently offer bank accounts as a gateway to other services. Nigerian fintech startup FairMoney operates this model. Today, it is announcing a $42 million Series B raise to diversify its offerings and expand to “become the financial hub for its users.”
The culture of empowerment at FairMoney leads to the creation of the right products for financial inclusion
There are more than 1.7 billion underbanked people globally, the majority of which are from emerging markets. For them, accessing loans can be difficult, which is a problem fintechs try to solve. One way they do this is by promoting financial inclusion by underwriting credit via a proprietary algorithm. One such company is FairMoney, which describes itself as “the mobile banking revolution for emerging markets.” FairMoney, founded by Laurin Hainy, Matthieu Gendreau and Nicolas Berthozat, is a licensed online lender that provides instant loans and bill payments to underserved consumers in emerging markets. Three years after launching its mobile lending service in Nigeria, the company set up shop in India, Asia’s second-most populous country, in August 2020.
Fintech startup FairMoney is building a challenger bank in Nigeria. The company first started offering microcredit and now plans to expand to current accounts and savings. FairMoney just raised an $11 million Series A round (€10 million) led by Flourish, DST Global partners and existing partners Newfund, Speedinvest and Le Studio VC. FairMoney lets you get a loan from its mobile app. After answering a few questions and sharing financial information, the startup analyzes this data set as well as your geolocation, other apps installed on your phone and other factors to give you an answer in a few minutes.
