FairMoney, a Paris-based fintech startup that that uses alternative smartphone data to underwrite microcredit in Nigeria, has raised EUR10 million with the aim of creating a fully-fledged mobile banking service.
The Series A round was led by Flourish, a venture of The Omidyar Group, the partners of DST Global, and existing seed investors Newfund, Speedinvest, and Le Studio VC.
Launched in 2017, FairMoney has more than 200,000 customers using the platform to finance their small business needs. The FairMoney algorithm applies machine learning techniques to smartphone data to assess credit worthiness. The automatic underwriting process enables firm to score clients and disburse funds within five minutes.
Read the full article from Finextra here.