About FairMoney
FairMoney is a company based in Abuja (Nigeria) founded in 2019 by Tomi Ayordine was acquired by FairMoney in March 2023. It operates as a FinTech. FairMoney has raised $3.6 million across 1 funding round from investors including FairMoney. FairMoney offers products and services including FairMoney Business, POS Services, Business Loans, Savings, and Virtual Bank Accounts. FairMoney operates in a competitive market with competitors including Eyowo, AjoCard, 9PSB, CIT VERiCASH and OsB, among others.
- Headquarter Abuja, Nigeria
- Founders Tomi Ayordine
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Sectors
Financial Services
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Phone
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Website
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Social
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Products & Services of FairMoney
FairMoney offers a comprehensive portfolio of products and services, including FairMoney Business, POS Services, Business Loans, Savings, and Virtual Bank Accounts. The company's diverse product and service offerings are designed to meet the evolving needs of its customers, address market demands, and provide comprehensive solutions that drive value creation and customer satisfaction across various segments and use cases.
Simplified banking solutions are provided for business owners.
POS services are offered for business transaction needs.
Business loans are provided to support financial growth.
Savings accounts are offered for business financial security.
Virtual bank accounts are provided for business operations.
Funding Insights of FairMoney
FairMoney has successfully raised a total of $3.6M through 1 strategic funding round. The most recent funding activity was a Seed round of $3.6 million completed in February 2022. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding Total Funding
- Total Rounds 1
- Last Round Seed — $3.6M
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First Round
First Round
(01 Feb 2022)
- Investors Count Investors Count
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Feb, 2022 | Amount | Seed - FairMoney | Valuation |
investors |
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| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Investors in FairMoney
FairMoney has secured backing from 1 investor. Prominent investors backing the company include FairMoney. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
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Digital microfinance banking services are offered to individuals.
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Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
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Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
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Founded Year | Domain | Location | |
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Startup ecosystems are ignited through strategic investments by Signite Partners.
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Founded Year | Domain | Location | |
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Venture capital is directed toward companies in multiple sectors.
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Founded Year | Domain | Location | |
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Venture capital is invested in cybersecurity, fintech, and AI startups.
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Founded Year | Domain | Location |
Investments & Acquisitions by FairMoney
| Company Name | Description | Domain | Location | Founded Year | Amount |
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Bionic investment advisor platform
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2016 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 |
Financial Statements - FairMoney
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Fairmoney Comparisons
Competitors of FairMoney
FairMoney operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Eyowo, AjoCard, 9PSB, CIT VERiCASH and OsB, among others. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Provides digital banking for payments, transfers, savings, and money management.
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| domain | founded_year | HQ Location |
mPOS hardware and software solution provider
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| domain | founded_year | HQ Location |
An agent-based platform delivering banking solutions.
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| domain | founded_year | HQ Location |
Mobile payment software is provided to financial institutions and operators.
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| domain | founded_year | HQ Location |
Correspondent banking solutions through agent networks
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| domain | founded_year | HQ Location |
Provides convenient banking services for unbanked, underbanked, and banked users.
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| Company Name | Domain | Founded year | HQ Location | Description |
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| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
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| domain | founded_year | HQ Location |
On-demand services are booked through an app-based platform.
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| domain | founded_year | HQ Location |
App based platform offering on demand delivery and ride-hailing services
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| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
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Latest news on Fairmoney
Frequently Asked Questions about FairMoney
When was FairMoney founded?
FairMoney was founded in 2019 and raised its 1st funding round 3 years after it was founded.
Where is FairMoney located?
FairMoney is headquartered in Abuja, Nigeria. It is registered at Abuja, Federal Capital Territory, Nigeria.
Who is the current CEO of FairMoney?
Tomi Ayordine is the current CEO of FairMoney. They have also founded this company.
Is FairMoney a funded company?
FairMoney is a funded company, having raised a total of $3.6M across 1 funding round to date. The company's 1st funding round was a Seed of $3.6M, raised on Feb 01, 2022.
What does FairMoney do?
FairMoney is established as a leading mobile bank targeting emerging markets. Banking solutions are provided through FairMoney Business, which includes POS services, business loans, savings accounts, and virtual bank accounts. These services are designed to meet the needs of everyday business owners. The focus is placed on simplifying financial operations for businesses in underserved regions.
Who are the top competitors of FairMoney?
FairMoney's top competitors include AjoCard, CIT VERiCASH and OsB.
What products or services does FairMoney offer?
FairMoney offers FairMoney Business, POS Services, Business Loans, Savings, and Virtual Bank Accounts.
Who are FairMoney's investors?
FairMoney has 1 investor. Key investors include FairMoney.