Nigeria-based financial technology firm FairMoney recently announced that it had raised a $42M Series A funding from Tiger Global. This investment marks the second largest Series A investment for any startup in the Nigerian tech ecosystem. FairMoney is an innovative financial services provider that is leveraging technology to create an ecosystem of services that enable access to financial inclusion to the unbanked and underbanked population in Nigeria.
Overview of Nigeria-Based Fintech Firm FairMoney
FairMoney is a Nigerian-based financial technology firm that is focused on providing financial services to the unbanked and underbanked population in Nigeria. The company was founded in 2018 and is backed by notable investors such as Y Combinator, Partech, and others.
FairMoney’s mission is to provide digital financial services that enable access to financial inclusion to the unbanked and underbanked population in Nigeria. The company has developed a suite of services that include a mobile wallet, digital payments, and a credit scoring system. FairMoney’s digital wallet allows users to securely store and manage their funds, as well as make payments and transfers to other users. The company’s digital payment system allows users to make payments via mobile and online. Finally, FairMoney’s credit scoring system enables users to acess credit from the company’s partner lenders.
Series A Funding from Tiger Global
FairMoney recently announced that it had raised a $42M Series A funding from Tiger Global. This marks the second largest Series A investment for any startup in the Nigerian tech ecosystem. The investment will be used to expand the company’s services and reach more customers.
Tiger Global is a leading venture capital firm with a strong track record of investing in early-stage tech startups. The firm has invested in a number of successful startups in Africa, such as Flutterwave, Interswitch, and Paystack.
FairMoney’s Goal of Financial Inclusion
FairMoney’s goal is to provide financial services to the unbanked and underbanked population in Nigeria. The company is leveraging technology to create an ecosystem of services that enable access to financial inclusion. This includes a mobile wallet, digital payments, and a credit scoring system.
FairMoney’s mobile wallet allows users to securely store and manage their funds, as well as make payments and transfers to other users. The company’s digital payment system allows users to make payments via mobile and online. Lastly, FairMoney’s credit scoring system enables users to access credit from the company’s partner lenders.
Impact of FairMoney’s Series A Investment
The Series A investment from Tiger Global will enable FairMoney to expand its services and reach more customers. This will be a major step in achieving the company’s goal of providing financial inclusion to the unbanked and underbanked population in Nigeria.
The investment will also provide FairMoney with increased visibility in the Nigerian tech ecosystem. This could lead to more investments and partnerships in the future, as well as increased brand recognition.
Conclusion
Nigeria-based financial technology firm FairMoney recently announced that it had raised a $42M Series A funding from Tiger Global. This marks the second largest Series A investment for any startup in the Nigerian tech ecosystem. The investment will enable FairMoney to expand its services and reach more customers, thus helping to achieve its goal of providing financial inclusion to the unbanked and underbanked population in Nigeria.
