FAIRMONEY RAISES €10M, To Fund Its Mobile Banking App

FAIRMONEY RAISES €10M TO IMPROVE ITS MOBILE BANKING APP IN NIGERIA

France-based fin-tech startup Fairmoney raises €10m in its ‘Series A’ round investment. The company which first started with microcredit, based on reports has stepped up its plans to expand its services to savings and current accounts. FairMoney was launched in 2017, which started as a mobile app that uses alternative smartphone data to underwrite microcredit in Nigeria.

The company’s recent development was led by Flourish, DST Global partners and existing seed investors Newfund, coupled with Speedinvest, and Le Studio VC. FairMoney wants to become your financial hub by meeting your banking needs, with an app that will supersede all.

Based on this investment round, FairMoney has introduced in-app payment functionality for its users and will allow them to update their mobile subscriptions, pay for utility, internet, mobile data, and other bills. While at the moment, features like savings account, digital wallet are not available but will launch soon.

The credibility of this fin-tech startup is understood, and this is because FairMoney has license to operate in Nigeria, with this, the company will practically partner with microfinance institution to launch, savings and current accounts coupled with procedures that will facilitate payments. But, hope to be independent after it has obtained its license from the Central Bank of Nigeria.

Prior to this development (FairMoney raises €10m), it is understood the company on its platform offers airtime and data at a discount rate in seconds. While on the other hand, it also offers an average loan of 30 Euros and customers can grow their loan limits up to 400 Euros within a specific period which is dependent on good repayment attitude.

Individuals can access the loan from their mobile app, and this is after you must have answered a few questions and have also shared your financial information coupled with your geographical location. And will also include other apps installed on your phone to give an answer, all in a few minutes.

Meanwhile, when you apply for a loan, the company will practically deploy traditional bank transfers to credit the money. While at the moment, the startup is working on an SMS interface to transfer money – for users without a smartphone.

• FairMoney raises €10m, what’s your take?