About FairMoney
FairMoney is a company based in Ikeja (Nigeria) founded in 2017 by Laurin Hainy. It operates as a FinTech, and Subscription Services. FairMoney has raised $54.47 million across 4 funding rounds from investors including Speedinvest, TLG Capital and Tiger Global. FairMoney has completed 2 acquisitions, including FairMoney and Umba. FairMoney offers products and services including Personal Loans, Business Loans, FairLock, FairSave, and Bank Account. FairMoney operates in a competitive market with competitors including Kuda, Carbon, Sparkle, Mighty Finance Solutions and Aku, among others.
- Headquarter Ikeja, Nigeria
- Founders Laurin Hainy
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Sectors
Financial Services
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Email
***********
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Phone
*********
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Website
*********
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Social
*********
- Legal Name Fairmoney Microfinance Bank
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Annual Revenue
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Net Profit
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EBITDA
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Total Equity Funding
$54.47 M (USD)
in 4 rounds
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Latest Funding Round
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Investors
Speedinvest
& 6 more
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Employee Count
Employee Count
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Investments & Acquisitions
FairMoney
& 1 more
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Products & Services of FairMoney
FairMoney offers a comprehensive portfolio of products and services, including Personal Loans, Business Loans, FairLock, FairSave, and Bank Account. 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.
Quick loans up to ₦3,000,000 are provided instantly.
SME loans up to ₦5,000,000 are offered for businesses.
Fixed term deposits are offered with high interest.
Daily interest of 17% is earned on savings.
High interest savings accounts are provided to users.
Funding Insights of FairMoney
FairMoney has successfully raised a total of $54.47M across 4 strategic funding rounds. 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 4
- Last Round Last Round
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First Round
First Round
(01 Jun 2018)
- Investors Count 7
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Oct, 2021 | Amount | Series B - FairMoney | Valuation | TLG Capital |
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| Jul, 2021 | Amount | Series B - FairMoney | Valuation | Tiger Global Management | |
| Sep, 2019 | Amount | Series A - FairMoney | Valuation | DST Global , Newfund |
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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 7 investors, including venture fund investors. Prominent investors backing the company include Speedinvest, TLG Capital and Tiger Global. 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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Private debt fund focused on consumer finance, healthcare, FMCG, and services sectors
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Founded Year | Domain | Location | |
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Venture and private equity investments are managed with global diversification.
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Founded Year | Domain | Location | |
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Flourish Ventures is focused on investing in mission-driven fintech entrepreneurs.
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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
FairMoney has strategically engaged in corporate development activities, having acquired 2 companies. Notable acquisitions include FairMoney and Umba. These strategic investments and acquisitions demonstrate the company's commitment to growth through portfolio expansion, market consolidation, technology integration, and strategic partnerships that enhance competitive positioning and drive long-term value creation.
| 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 |
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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FairMoney is recognized as a mobile banking provider for emerging markets.
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2019 | ||||
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Digital banking solutions are offered to individuals through mobile apps.
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2011 |
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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OVO is recognized as a smart digital payment application.
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2017 | ||||
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Bionic investment advisor platform
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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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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 |
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 Kuda, Carbon, Sparkle, Mighty Finance Solutions and Aku, 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 |
Kuda is recognized as a digital banking app for Africans.
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| domain | founded_year | HQ Location |
Digital banking services for individuals and businesses are offered.
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| domain | founded_year | HQ Location |
Digital banking services are offered to consumers and businesses.
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| domain | founded_year | HQ Location |
Consumer and business loans are provided via an online platform.
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| domain | founded_year | HQ Location |
Aku is recognized as a FinTech company offering payment solutions.
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| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| 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 2017 and raised its 1st funding round 1 year after it was founded.
Where is FairMoney located?
FairMoney is headquartered in Ikeja, Nigeria. It is registered at Ikeja, Lagos, Nigeria.
Who is the current CEO of FairMoney?
Laurin Hainy 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 $54.47M across 4 funding rounds to date. The company's 1st funding round was a Series A of $11.07M, raised on Jun 01, 2018.
What does FairMoney do?
FairMoney is established as a prominent digital bank and fintech solution provider in Nigeria. Services including personal and business loans, savings products like FairSave and FairLock, bank accounts, and bill payments are offered. The platform is utilized by over 5 million users for banking, savings, and investment needs. Rapid loan processing and high-interest savings are provided to support financial inclusion. The fintech sector is primarily targeted, focusing on accessible financial tools for Nigerians.
Who are the top competitors of FairMoney?
What products or services does FairMoney offer?
FairMoney offers Personal Loans, Business Loans, FairLock, FairSave, and Bank Account.
How many acquisitions has FairMoney made?
Who are FairMoney's investors?
FairMoney has 7 investors. Key investors include Speedinvest, TLG Capital, Tiger Global, Flourish Ventures, and Newfund.