FairMoney, a neobank operating in Nigeria and India, has closed its Series B round on $42m as it expands into more emerging markets.
The round was led by Tiger Global Management, with commitments also coming from existing FairMoney backers Flourish Ventures, Newfund, Speedinvest and partners of DST.
With the investment capital, the company hopes to expand its services in emerging markets and hire more staff and accelerate its customer acquisition on current and new markets. The company will also use the funds to deepen its digital banking services.
FairMoney was founded in 2017 with the ultimate goal of becoming a financial hub for all a customer’s needs.
The company has more than 3.5 million registered users in Nigeria and it hopes to disburse $270m in loans during 2021.
FairMoney co-founder and CEO said Laurin Hainy, “We are incredibly excited by the opportunities ahead for FairMoney as we enable more underbanked consumers in emerging markets to access digital financial services.
“Our vision is to build the financial home for our users and this new round of funding will allow us to go deeper into our core markets. With this funding, we are well equipped to tap into the global talent pool for more A-players with a growth mindset, and who are hungry to build more impactful, customised and mobile-first financial products designed for emerging markets.”
Copyright © 2021 FinTech Global
