FairMoney raised $11 mln for expansion in Nigeria
Tuesday, 17 September 2019 13:42
Paris-based fintech FairMoney announced it has raised a total of $11 million from a co-investment operation led by venture capital company Flourish Ventures. The operation was also backed by seed investors French Newfund, Austrian Speedinvest and French Le Studio VC.
The funds raised will be used to strengthen the engineering team at FairMoney. “Our vision is to build a holistic financial platform for underserved customers in emerging markets. We want to do that by offering an easy-to-use product to our customers and become a financial one-stop-shop for them. We started with credit for small business owners and individuals, and we are expanding our services rapidly,” said Laurin Hainy (pictured), CEO of FairMoney
The company, founded in 2017 by Hainy and two partners, plans to develop a full range of mobile banking services in Nigeria. FairMoney generally targets companies with short-term liquidity needs. Interest rates applied vary between 10 and 30% per month.
Chamberline Moko
Live News
-
IMF appoints Mauritania’s Zeidane to head Africa Department
18:56
-
BCEAO sets June 30 deadline for operators to join instant payment platform
18:52
-
Mauritania’s Zeine Zeidane appointed director of IMF Africa Department
18:47
-
Cameroon higher education group plans microfinance bank for student startups
18:34
-
Internet Freedom in Africa Remains Uneven in 2026 Despite Rising Access
18:30
-
Cameroon Delivers Tractors to Agropoles to Scale Production and Agro-Processing
18:28
-
Togo receives CFA1.6B Chinese rice donation to support food security
15:01
-
Africa’s $35bn sports tourism opportunity: growth accelerates alongside traditional travel sectors
14:37
-
Uganda: UN Women, Equity Bank launch programme for women entrepreneurs in underserved communities
14:33
-
Chevron Approves Investment in Equatorial Guinea’s Aseng Gas Project
13:36
Operator explores renewable energy partnership with Italy’s Ascot Energy Move aims to stabilize p...
A $147M Novastar Ventures fund backed by major Japanese firms offers co-investment rights int...
First investor town hall since 2021 signals renewed engagement with markets Authorities hi...
Arise IIP plans to invest more than $3 billion in Kenya over five years The company wi...
Efforts to reinforce health systems are gaining pace across Africa, with this week’s developments fo...
Mauritanian Zeine Zeidane has been appointed director of the IMF’s Africa Department. A former prime minister and an IMF official for more than a decade,...
Africa’s sports economy could expand from $12bn to $30-35bn over the next decade Tourism contributes up to 8% of GDP across the continent,...
A two-year partnership will support women entrepreneurs with finance and training The initiative targets underserved and refugee-hosting...
Chevron has taken a final investment decision on the Aseng Gas Monetisation project. The project targets 550 billion cubic feet of gas with an...
The Bijagos Archipelago, located off the coast of Guinea-Bissau, stands as one of West Africa’s most extraordinary island systems. Made up of around forty...
RFI confirmed the end of “Couleurs Tropicales” following Claudy Siar’s departure after 31 years. The move follows a series of high-profile exits...