FairMoney, a licensed online lender that provides instant loans for urgent cash needs, has secured a €10 million Series A round. The Nigeria and Paris-based firm aim to leverage alternative smartphone data to offer microcredit in Nigeria and also deepen mobile banking services, both in Nigeria and across Africa.
The funding round was led by Flourish, DST Global partners and existing partners like Newfund, Speedinvest, and Le Studio VC. This recent funding round totals the funds raised by FairMoney to €15 million.
Launched in 2017 by Laurin Hainy, CTO Matthieu Gendreau, and Nicolas Berthozat, FairMoney intends to launch a digital wallet and saving account soon. The startup currently brags of over 200,000 customers who leverage its services to finance their small business needs.
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According to Laurin Hainy, the CEO of FairMoney, their vision is to build a complete financial platform for underserved customers in developing markets. He also said that they intend to offer seamless products to their customers and become the one-stop financial shop.
FairMoney recently introduced the in-app payment function which enables users to top up their phone subscriptions, buy mobile data, and even pay electricity or internet bills. FairMoney currently facilitates over 400 daily payments.
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