Neobank for the emerging markets FairMoney has reportedly raised €10m in a Series A funding round.
The round was led by Flourish, a venture fund from the Omidyar Group, with participation also from DST Global, Newfund, Speedinvest, and Le Studio VC, a report from Finextra claims.
FairMoney is a mobile application which uses smartphone data to create an instant credit score and provide loans to individuals and small businesses in emerging markets. Its goal is to become the leading digital bank in Africa and Asia.
This company has distributed more than 100,000 loans. Solutions in its product pipeline include a digital wallet and savings account.
DST Global has backed a number of high-profile FinTech companies this year. Earlier in the month, the firm participated in the $523m Series E of Root Insurance, which put the company’s valuation to $3.65bn.
The firm also supported the $323m Series E of retail investing app Robinhood, the $110m Series C of trading platform StockX, and the $100m of credit card builder Brex.
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