FairMoney continues to attract investments as they announce their Series B round led by Tiger Global, to help diversify its offerings in its core markets and expand to become the financial hub for its users.
Fintech startup, FairMoney, a leading Neobank with operations in Nigeria and India, has raised USD 42 million in Series B funding as it takes off in emerging markets. The latest Series B funding round sees tech-focused Tiger Global Management leading the USD 42 million investment in the company. Additional funding came from existing investors – partners of DST, Flourish Ventures, Newfund, and Speedinvest.
“We are excited to partner with FairMoney as they build a better financial hub for customers in Nigeria and India. We were impressed by the team and the strong growth to date, and look forward to supporting FairMoney as they continue to scale,” says Scott Shleifer, a Partner at Tiger Global.
Established in 2017, FairMoney is a digital bank that provides a variety of financial services across emerging markets to underserved consumers. Three years after launching its mobile lending platform in Nigeria, FairMoney launched its services in India, Asia’s second-most populous country. In Nigeria, the company currently has over 3.5 million registered users out of which 1.3 million are unique bank account holders and is projected to disburse USD 270 million in loans in 2021.
With the new funds, FairMoney plans to expand its services to further underline its position as a digital challenger bank for emerging markets. The company will invest the new capital to hire top global talent and accelerate customer acquisition in current and new markets. They will also focus on developing a suite of innovative digital banking services, including providing current account services.
Laurin Hainy, co-founder and CEO said, “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, customized and mobile-first financial products designed for emerging markets.”
Ultimately, FairMoney’s goal is to become a financial hub for all its customers’ banking needs.
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Source link : https://www.africa.com/fairmoney-secures-usd-42-million-in-series-b-funding-to-accelerate-global-growth/
Author : Susan Gitau
Publish date : 2021-07-08 08:00:00