FairMoney, a FinTech startup based in Paris and operates in Nigeria, raises US$11.05 million from Flourish Ventures and associates of DST Global and its existing investors (Newfund, Speedinvest and Le Studio VC) to facilitate access to microcredit in Nigeria.
FairMoney has launched its first service, microcredit, in Nigeria, a country that has a strong penetration of mobile phones, traditional banking offer undeveloped and large market size.
“In five minutes, through our application, users have the answer to their request,” says Laurin Hainy, CEO of Fintech. Our algorithm scans, with their agreement, the data available on their mobile (expenses, geolocation …) to first verify that the funds will be used wisely and secondly assess their ability to repay.”
FairMoney thought its app provides a complete digital banking solution allowing users to open a bank account, make payments and access loans.
Users can access loans of up to US$400 with a repayment period of up to 3 months with interests as low as to 10 per cent interest.
The startup which is in a mission to build the leading mobile bank for emerging markets claims to have disbursed close to 500,000 microloans to date with an average of 5000 loans daily.
Image Credits: Maddyness