# FairMoney

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/fairmoney

- Industry: Financial Services
- Headquarters: Lagos, Nigeria
- Website: www.fairmoney.ng
- Total disclosed funding: $54M
- Latest round: Series B (Jul 2, 2021)
- Investors on record: 6

## About

FairMoney is a fintech company based in Nigeria that provides innovative financial solutions, including instant loans and SME financing, aimed at improving financial access for individuals and businesses.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. FairMoney has secured a total funding of USD 42.00 mn in its latest Series B round led by Tiger Global Management, involving investors such as DST Partners, Flourish Ventures, Newfund Management, and Speedinvest. The company has completed 5 deals to date.FairMoney provides a suite of financial services primarily targeting the Nigerian market, including instant loans, SME financing, fixed-term deposits, and savings products. 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. The company also enhances user experience through additional features such as cashback rewards for ATM card usage, bill payment discounts, and partnerships to facilitate payment acceptance for businesses through the Payforce network, serving a growing customer base of over 5 million individuals and businesses across Nigeria.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. Each of these products contributes to a diverse revenue structure, reinforcing FairMoney's position as a player in the fintech space.FairMoney plans to leverage the recent funding from its Series B round to enhance its product offerings and expand into new markets. 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.

## Funding rounds

- Series B, Jul 2, 2021, $42M — Tiger Global Management, Newfund, Speedinvest, Flourish Ventures, DST Partners
- Series A, Sep 16, 2019, $11M — Newfund, Speedinvest, Le Studio VC, Flourish Ventures
- Seed, May 27, 2018, $1.4M — Newfund, Speedinvest, Le Studio VC

## Investors

- Newfund (https://capitalatlas.ai/funds/newfund) — Seed, Series A, Series B
- Speedinvest (https://capitalatlas.ai/funds/speedinvest) — Seed, Series A, Series B
- Le Studio VC (https://capitalatlas.ai/funds/le-studio-vc) — Seed, Series A
- Flourish Ventures (https://capitalatlas.ai/funds/flourish-ventures) — Series A, Series B
- Tiger Global Management (https://capitalatlas.ai/funds/tiger-global-management) — Series B
- DST Partners — Series B