Fairmoney Nigeria’s Fintech Startup Raised $12.5m in Series A Funding

Fintech just can’t stop raising money. The Firm launched in Nigeria last year with a local team and France-based engineering and product teams. Yesterday announced the raising of $12.5m, Led by Flourish, a venture of The Omidyar Group, the partners of DST Global, and existing seed investors Newfund, Speedinvest, and Le Studio VC.

Fairmoney is a microloan startup with a focus on the emerging market. Started as a mobile phone-based loan company, it has expanded to microloan to small businesses. Its goal with the new funding is to become a digital bank just like Kuda, which raised $1.6m seed last.

Back in May 2018, it raised $1.4m in seed and has gone on to grow to 200,000 customers.

The new funding will be used to scale up the engineering team and expand beyond Nigeria.

Big Question

Given that the engineering team is based in France, will the new funding help hire local devs and product team to help in further tailoring the product to the local markets they will be expanding to?