A Nigeria and Paris based firm, licensed online lender for providing instant loans called “FairMoney” has secured a €10,000,000 series A round. The firm also plans to leverage alternative smartphone data to provide microcredit and deepen mobile banking services both in Nigeria and across Africa. DST Global Partner, Flourish and others like Le Studio VC and NewFund, Speedinvest led the funding round amounting to €15,000,000 that FairMoney had raised all together. Over 200,000 customers leverage the platform to finance their businesses.
FairMoney which was launched in 2007 by Nicolas Berthozat, CTO Mathieu Gendreau and laurin Hainy is working on improving their services by planning to launch a digital wallet and saving account. The CEO of FairMoney Laurin Hainy said that their vision is to raise a strong financial platform in developing markets for undeserved customers. They intend to become an effective and trustworthy financial platform by offering seamless products. Lastly, with the introduction of in-app payment function users will be able to top up their phones subscriptions, pay electricity or internet bills and buy mobile data. We currently facilitate daily payment of over 400.