Finance

FairMoney raised $11 mln for expansion in Nigeria

Tuesday, 17 September 2019 13:42
FairMoney raised $11 mln for expansion in Nigeria

(Ecofin Agency) - 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.
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