Upisinghtechcrunch is a company that offers a new type of online financial services that are aimed at helping people in the developing world. It has raised more than 42 million dollars in capital from global investors in India and Korea, and has 1.3 million users. Now, it is preparing to expand to other parts of the world, according to a report.
1.3 million users
Fairmoney, a microlending startup, has launched in India. The company is focused on small business loans in the country. Previously, it had only concentrated on the Nigerian market. Now, it plans to expand to the Indian market and offer a wide range of financial services. Moreover, the company is planning to bring more features to the app.
In the first half of 2018, the company processed 500,000 loan applications. During that period, it also added more than 1.3 million new users. These new users can buy airtime, data and utility bills through the app. The startup has a loan book of about $270 million.
In addition to offering instant loans, Fairmoney provides bill payments, stock trading and crypto-trading products. It is also working on a mobile-based banking feature for savings. With the help of the new funding, the startup is hoping to increase its user base and diversify its offerings.
Currently, the company has about 100 employees spread across France, Nigeria and India. Some of these employees have worked at companies like MobiKwik, Quikr, Microsoft and Gojek. For his part, Chief Product Officer Rohan Khara has experience building consumer products in large emerging markets. He has been hired to lead the company’s expansion efforts.
About the company
FairMoney is a neobank based in Lagos, Nigeria that offers loans to individuals. It also provides bill payments and airtime to users via a mobile app. In its two years of existence, the company has already lent $93 million in loans to more than 1.3 million of its users. The company has a slew of plans for the future, including the issuance of debit cards and providing microfinancing to registered small and medium enterprises (SMEs).
FairMoney is also a fintech pioneer in the Indian market, having launched a microloan app in the country. Its most ambitious project to date is the delivery of a new branded debit card to customers in over 50 cities in India. In addition, FairMoney is also working on an SMS interface for money transfers. Despite the fact that the company has a relatively modest loan book of less than $200 million, the company has managed to convince investment banks to assemble a $300 million unlisted bond.
During a recent conference in Lagos, FairMoney CEO and founder Matthieu Gendreau gave attendees a tour of its tech center, where they got a glimpse of the aforementioned branded debit card as well as a prototype version of its latest mobile banking app. He also touted the company’s ability to make the oh so long sought after loan application process simple and painless, thanks in part to its proprietary loan application technology.
Venture capital funding
The Nigerian fintech startup FairMoney is getting into the Indian market. Its small business loans are a big service in the retail sector, and the company hopes to consolidate its position in the country.
The Nigerian startup has recently received a $42 million Series B funding round led by Tiger Global Management. It also acquired a microfinance bank license. According to the press release, the company plans to offer a range of financial services to emerging market consumers, including instant loans and bill payments. These are part of the company’s grand plans to build a digital banking platform.
Founded in 2017 by Laurin Hainy, CEO, and Matthieu Gendreau, CTO, FairMoney provides loans ranging from N1,500 to N500,000. It uses alternative smartphone data to underwrite the loans. Similarly, FairMoney ships debit cards to customers, which is the latest in a string of advances for the company.
As part of its plan to become the top fintech provider in the emerging market, FairMoney is investing in new capital to hire the world’s best talent. This will allow the company to expand its product offering, including savings products and stock trading. For now, the company is focusing on its current account products. However, FairMoney aims to offer full-fledged banking services by the end of the year.
