Paris-based fintech startup, FairMoney has raised $11.02 million in a Series A funding to boost its expansion plans in a bid to become a fully-fledged mobile banking platform in Nigeria.
The Series A round of investment was led by Flourish, a venture of The Omidyar Group, the partners of DST Global, and existing seed investors Le Studio, Speedinvest, and VC Newfund.
Laurin Hainy, CEO of FairMoney revealed that the company’s vision is to create a holistic financial platform that can cater to underserved customers in emerging markets.
The new fund raised will be used to expand the company’s engineering team in order to develop a platform that will fuel its dream of becoming a fully-fledged mobile banking platform in Nigeria.
Founded in 2017 by CEO Laurin Hainy, former CEO of Venture Builder, FairMoney was created as a mobile app that uses alternative smartphone data to underwrite microcredit based on a proprietary algorithm to provided instant loans.
According to FairMoney, their app currently has more than 200,000 users and facilitates more than 400 payments daily, with the majority of their users seeking to finance small business needs. The app also includes an in-app payment function, which allows users top up their phone subscriptions, buy mobile data, pay electricity or internet bills.
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