Fair Money is a mobile finance app that has been gaining popularity in South Korea and around the world. It has already reached 1.3 million users and plans to bring a more comprehensive finance banking experience to the users.
1.3 million users
FairMoney is a mobile app that allows microloans in Nigeria. The company uses geolocation and other factors to get an idea of your borrowing power in a few seconds. They offer loans ranging from EUR10 to EUR350. Loans can be paid back in cash at partner bank tellers or via SMS transfers. There are also plans to allow users to make small savings.
FairMoney also has a big plan for the future. They want to become a true financial services provider in the country. Their first step is to secure a microfinance banking license. In the meantime, they are experimenting with other financial services such as mobile money transfer. As of October 2018, FairMoney claims to have processed more than 500,000 applications and disbursed more than $80 million in loans.
While FairMoney has been an active player in Nigeria since its inception, the company has recently launched a new product in India. This is the first of its kind for the company. One of the most impressive aspects of the app is the mobile money transfer system. Users can send and receive money through an app on a smartphone.
FairMoney has a big future and is a company that is not afraid to get its hands dirty. After making a major splash in Nigeria, the team is ready to expand to India in 2020 naasongs.net.
Goal to have a full-finance banking experience
FairMoney, an Indian based fintech startup, has recently raised $42 million in its Series B round of funding. The round was led by Tiger Global Management. In addition to its newfound clout, FairMoney also received its microfinance bank license from the Central Bank of Nigeria, a milestone which will likely help the company continue its march towards financial independence.
Having raised a few bets on the road to success, the FairMoney team is now looking to build on its foundation of customer centric digital banking by bringing the services of local banks to the unbanked masses. FairMoney has already racked up over 500,000 loan applications in India and is set to grow its loan book via capital markets. Ultimately, FairMoney hopes to become a full-fledged player in the fintech space by 2020.
FairMoney was founded by Laurin Hainy and Matthieu Gendreau, and operates in both India and Nigeria. A recent study suggests that in both countries, the number of people with bank accounts is on the rise. Its flagship product, the FairMoney Bank, offers instant loans ranging from three dollars to one thousand dollars. Apart from traditional lending, FairMoney offers its clients bill payment solutions, a debit card, and a host of other services.
FairMoney’s multi-faceted product suite, spanning online and offline channels, is aimed at providing a seamless banking experience to its users. As of today, FairMoney boasts over 1.3 million registered users, which include more than 6.5 million loan applicants. During the past six months, FairMoney has disbursed over half a million loans, a feat it plans to replicate by the end of the year.
Neobank model
Neobank is a banking service provider, which provides banking services to individuals, small and medium businesses, and merchants. Neobanks provide digital banking and financial services through mobile phones.
Neobanks are a new breed of banking service providers that have been growing rapidly in the global market. They are disrupting the banking industry, offering a cheaper alternative to traditional banks, while bridging the gap between the digital and the physical world.
The neobank model is built on the foundation of mobile apps, NFC enabled prepaid cards, and a mobile-first approach to business. This allows the neobank to offer a wide range of services through an app, and it also automates many repetitive tasks.
The neobank model works by offering an array of products, such as credit cards, prepaid cards, and forex cards. Neobanks also offer savings and deposit accounts. Some neobanks use innovative ways to determine customer creditworthiness.
While neobanks have changed the face of fintech, they still require backing from established financial institutions. Most neobanks do not have the funding or customer base to overthrow traditional banks, but they have the potential to become major players in the industry.
As they continue to grow, neobanks must also focus on a niche segment of the population. This is especially important in the Nigerian market, where small business loans are a popular service.