Fairmoney is an internet-based company which provides payment solutions to Nigerians. The company plans to expand its product offering and invest in a funding round. Read on to find out more about the company’s future.
Funding round
FairMoney is an instant loans, bill payments and current account service provider in Nigeria and India. The company plans to expand its offerings and become a financial hub for its users in the coming years.
Founded in 2013, FairMoney has been providing a range of services to consumers in emerging markets. Using advanced technology, it connects with its users and disburses loans through its mobile platform. Its credit decisions are made through machine learning techniques.
In its two-year history, the company has processed over 6.5 million loan applications from over 100,000 unique users. Last year, FairMoney disbursed $93 million in loans to its users. This year, it is planning to add more financial offerings including savings products, stock trading, and crypto-trading. By 2021, FairMoney expects to have disbursed $300 million in loans to its users in Nigeria and India.
With the recent Series B funding, FairMoney is hoping to expand into other emerging markets. It will also invest new capital to hire top global talent and accelerate customer acquisition in existing markets.
Product offering
FairMoney is a Nigerian neobank with a credit-led model. The company aims to make it easier for Nigerians to get their hands on loans that range from N1,500 to N500,000. In addition to providing loans to individuals, the company also offers a mobile app which lets users purchase airtime and utility bills. The company has grown to more than 3.5 million registered users, with a total loan volume of more than $93 million in just the last year.
The aforementioned app is a good start, but Fairmoney is going one step further. It recently received a microfinance bank license from the Central Bank of Nigeria, which will allow it to begin offering loans to registered small and medium enterprises. Aside from the mobile-friendly loans, the company plans to roll out savings products and introduce stock trading. They are also working on a new SMS interface for money transfers livechatvalue .
Unlike many startups, Fairmoney hasn’t made a dent in the market outside of its home country. As such, the company is looking to expand its footprint to other markets in the near future.
Plans to add new products
Fairmoney is a financial technology company that provides loans to individuals and small businesses. They also offer bill payment solutions, mobile banking, and debit cards. The company recently launched in India, where they are aiming to reach five million users by 2022.
The company claims to be able to make a loan within five minutes. To date, they have dispensed over half a million dollars. This is a fairly modest number, however, considering that their average loan is $33. Moreover, their mobile banking offering is only six months old. However, they have the potential to take the mobile banking game to the next level by offering a money transfer service using SMS technology.
FairMoney’s newest feature enables users to buy airtime and utility bills from within their app. In addition, they have also developed a mobile banking solution for savings accounts. They are also planning to introduce additional financial products in the coming years, including crypto products.
FairMoney has received a microfinance bank license from the Central Bank of Nigeria. As a result, they can now start lending to small business owners and entrepreneurs in the country.
Future plans
FairMoney is a credit-led neobank, that offers microloans to individuals and small businesses in Nigeria. The company’s loans are typically for one to three months at rates from 10 to 20%. It also enables users to buy airtime, data and utility bills from its mobile app. To evaluate loan applications, FairMoney uses a combination of alternative smartphone data and machine learning techniques. They analyze applicants’ information, geolocation and other factors to respond in just a few minutes.
In the last year, FairMoney has lent over $93 million to over 1.3 million users. The company also plans to disburse $300 million worth of loans this year. FairMoney plans to expand its services into India, where it has secured a license to operate as a microfinance bank. In addition, the company plans to add savings and crypto-trading products to its portfolio. These products will be aimed at consolidating its position in the market and providing a full-fledged banking experience to its users.
