FairMoney Raises $11 Million in Series a Investment Round to Reshape Nigeria’s Mobile Banking and Institutionalise to Ghana, Kenya, and Egypt

Thursday, September 19, 2019

By Aderemi Ojekunle

FairMoney, a Paris-based fintech startup, has closed $11 million Series A round of investment to reshape Nigeria’s mobile banking and internationalise operations across Africa.

The funding was led by Flourish, a venture of The Omidyar Group, the partners of DST Global, and existing seed investors Newfund, Speedinvest, and Le Studio VC.

Launched in 2017, FairMoney started as a mobile app that uses alternative smartphone data to underwrite micro credit in Nigeria. Today, it served more customers, putting the figure at 200,000 and finance small business needs.

Photo courtesy of John Twohig.

Source: Business Insider Sub-Saharan Africa (link opens in a new window)

fintech, startups