FairMoney
Latest round
- Series B
Last raised
- Jul 2021
Total raised
- $54M
Investors
- 6
About FairMoney
Founded in 2017 and headquartered in Lagos, Nigeria, FairMoney operates in the fintech space by offering financial services tailored to local needs. The company was co-founded by Bharat Verma and Shailja Sinha, with Laurin Hainy serving as the CEO. The core offering is an instant loan application that allows users to access loans up to NGN 3,000,000 within five minutes, with no collateral required and flexible repayment terms. Additionally, FairMoney offers SME loans of up to NGN 5,000,000 designed to empower small businesses by providing necessary capital for expansion and operational needs. FairLock, a fixed-term deposit product, enables users to earn interest rates of up to 28% per annum on their savings, while a daily interest savings account offers a 17% annual return.FairMoney generates revenue through various channels associated with its financial services. The instant loan product operates on an interest-based model, where borrowers pay interest on the amount borrowed over the loan term. SME loans provide a similar revenue stream, capitalizing on the interest paid by businesses utilizing these funds for growth. Additionally, the company earns revenue through transaction fees associated with bill payments and commissions from cash-back offers. As customers utilize the FairMoney ATM card, the company benefits from transaction-based revenue, such as facilitating payments and offering discounts on services. This includes the development of additional financial products tailored to meet evolving customer needs and potentially entering new geographic regions across Africa by the end of 2024. The company is also exploring partnerships that will enable it to scale its operations and reach a broader audience.
Who invested in FairMoney
6 investors across 3 rounds
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Questions about FairMoney
Who invested in FairMoney?
FairMoney has 6 investors on record across 3 venture rounds. Sign up free to see every VC on the cap table and the rounds they joined.
How much funding has FairMoney raised?
FairMoney has raised 3 venture rounds. Sign up free to see how much each round raised and the total.
When did FairMoney last raise money?
FairMoney's most recent round on record is a Series B, in Jul 2021.
What does FairMoney do?
Founded in 2017 and headquartered in Lagos, Nigeria, FairMoney operates in the fintech space by offering financial services tailored to local needs.
Where is FairMoney headquartered?
FairMoney is headquartered in Lagos, Nigeria.
Which VCs invest in companies like FairMoney?
Among active investors with capital left to deploy, Al Mada Innovation, DisrupTech Ventures, AXIAN Investment and Chui Ventures back financial services companies at FairMoney's stage. Their profiles are linked below.
VCs backing financial services startups at Series B
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