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
Firms move beyond payments toward integrated SME platforms Services include invoicing, inve...
The BCEAO now allows UEMOA citizens abroad to open CFA franc accounts under the same conditions as...
Novo Nordisk cuts Wegovy prices in South Africa amid competition Move targets rival Eli Lil...
ECOWAS, Energy China discuss regional power infrastructure cooperation Talks cover $36.3...
WAEMU posts 3.31 trillion CFA francs trade surplus in Q4 Exports surge 50.4%, led by gold, ...
Resolute signs MoU with Nimba Mining Company to co-develop gold projects in Guinea. The company targets 500,000 ounces of annual gold production...
Montage Gold increases Koné’s measured and indicated resources to 5.88 million ounces. The company maintains first gold production in...
Senegal establishes a national chapter of the ECOWAS Rice Observatory (ERO) to boost local rice competitiveness. Local production covers less...
Weeks after cutting ties with Fitch following its downgrade to speculative grade, the African Export-Import Bank raised a record amount on the syndicated...
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...