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
-
Uber Leaves Tanzania, Giving Competitors Room to Expand in a Growing Mobility Market
11:52
-
IFC Weighs $40M Risk-Sharing Deal to Back ETG Trade Finance in Africa
11:52
-
Ethiopia, France Sign First G20 Debt Restructuring Deal Under Common Framework
11:48
-
Koko Networks Collapses in Kenya After Government Blocks Carbon Credit Sales
11:28
-
Cameroon to host e-Gov’A African e-Governance Summit in May 2026
08:55
-
O-Farms opens applications for circular agriculture accelerator in Kenya and Uganda
08:52
-
Delta40 raises $20 Mlnto back African startups in energy, agriculture and AI
08:41
-
Tunisia’s SupplyzPro integrates AI agents into ERP for SME management
04:04
-
Togo budgets 70 billion CFA francs for 2026 energy push
19:52
-
Togo: Warmer Gulf waters drive unseasonal rain, heat to persist through end-February
13:21
Deposits grow 2.7%, supporting lending recovery Average loan sizes small, credit risk persists ...
Oil majors expand offshore exploration from Senegal to Angola Gulf of Guinea accounts for about 1...
Rwanda, partners break ground on $2 billion Kigali Innovation City Smart city targets ...
MTN is considering buying back telecom towers it sold years ago, signalling that control of infras...
The government is asking SOTEL and Airtel to amend a 2025 agreement The N’Djamena–Mberé route...
Uber’s exit reshuffles Tanzania’s ride-hailing market, but strong urban growth and rising digital adoption keep demand expanding. Bolt and InDrive are...
Kenya blocks Koko’s carbon credit sales, forcing shutdown, 700 layoffs and cutting off 1.5m households from clean bioethanol fuel. Model relied on...
78.6% of working-age population active in 2024–2025 Over 90% of jobs estimated to be informal Youthful population adds pressure to formal job...
Congo regulator says MTN signals detected in Goma and Rutshuru Authorities cite illegal use of frequencies and digital sovereignty risks Case...
Porlahla Festival ends third edition in Kouto, promoting Senufo culture Event draws regional and international participants, boosting cultural...
Essaouira is a coastal city in Morocco, on the Atlantic Ocean, in the Marrakech–Safi region, about two and a half hours by road from Marrakech. It stands...