FairMoney
FairMoney is a neobank financial services group incorporated in Paris, France,[1] and with operations in Nigeria, Uganda and Zambia.[2] Founded in 2017,[3] it has rapidly grown to become one of the most prominent fintech companies in Africa, ranked 12th in the list of Africa’s Fastest Growing Companies 2024 published by the Financial Times.[4] It was the most-downloaded fintech app in Nigeria in 2024.[5]
Overview
[edit]FairMoney was founded by entrepreneurs Laurin Nakubo Hainy, Matthieu Gendreau, and Nicolas Berthozat. It launched a mobile lending service in Nigeria in 2017.[6] The group is structured with a parent entity, Predictus SAS, in Paris, and subsidiaries in Nigeria, Uganda and Zambia as of late 2024. The Nigerian subsidiary is registered as MyCredit Investments Limited but offers its services under the FairMoney brand.[2]
In 2019, FairMoney raised $11 million in a Series A round of funding.[6] In July 2021, FairMoney raised $42 million in a Series B round led by Tiger Global Management and involving its prior investors such as Newfund, Speedinvest, Flourish Ventures and DST Partners.[7]
As of January 2024, FairMoney had over 6 million users in Nigeria alone.[8]
See also
[edit]References
[edit]- ^ Shruti Khairnar (15 March 2023). "Nigerian fintech FairMoney acquires PayForce for undisclosed sum". Fintech Futures.
- ^ a b "GCR Revises Outlook on MyCredit to Stable, Affirms Rating". MarketForces Africa. 23 November 2024.
- ^ "FairMoney Announces Launch of an Improved Version of Its Mobile App Homepage". InvestorsKing. 4 March 2023.
- ^ David Pilling (14 May 2024). "The ranking: Africa's Fastest Growing Companies 2024". Financial Times.
- ^ "Boosting Mobile Banking in Africa With Staff Augmentation". Netguru. 2024.
- ^ a b Tage Kene-Okafor (18 February 2021). "With over 1.3 million users, Nigerian-based fintech FairMoney wants to replicate growth in India". TechCrunch.
- ^ Russel Ayugi (3 July 2021). "[Tech in Africa] FairMoney raises $42M in Tiger Global-led Series B". Flourish.
- ^ Delisha Fernandes (11 January 2024). "3 Neobanks offering advanced mobile banking services in Africa". IBS Intelligence.
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