Fairmoney, one of Nigeria’s foremost micro-lending startup has raised $42 million in its Series B funding round led by Tiger Global Management at the beginning of the month. Existing investors from the company’s previous rounds, DST Partners, Flourish Ventures, Newfund, and Speedinvest, participated.
Fairmoney is a mobile-based collateral-free loan business for Nigerians founded in 2017 by Laurin Hainy (CEO), Matthieu Gendreau, Fairmoney (CTO), and Nicolas Berthozat (Product co-founder). Last year, the company disbursed a total loan volume of $93 million to over 1.3 million users who made more than 6.5 million loan applications in Nigeria alone. In 2020, the company expanded to India and in six months disbursed half a million loans.
With the new funding in place, CEO Laurin Hainy says FairMoney plans to add new products, including savings, stock trading, and crypto. “The ambition is that by the end of the year, the customer has the full-fledged banking experience from P2P transfers and lending to debit cards and current accounts. In addition to that, we are working on a number of additional services from savings products, stock trading, and crypto-trading products potentially depending on where regulation is heading,” Hainy said