Nigeriabased FairMoney Secures $42M from Tiger Global and India-Based Keneokaf in Latest Financing Round

Nigeriabased FairMoney Secures $42M from Tiger Global and India-Based Keneokaf in Latest Financing Round

Nigeriabased FairMoney, an online lending platform, has recently secured a $42 million financing round from Tiger Global and India-based Keneokaf. This is the latest in a series of financing rounds for the company, which has seen it expand rapidly across the African continent. FairMoney’s goal is to provide access to financial services to those who need it, particularly those who are excluded from the traditional banking system. This article will explore the details of the latest financing round, as well as the implications for the company’s future.

Overview of FairMoney

Nigeriabased FairMoney is an online lending platform founded in 2017 by two Nigerian entrepreneurs, Sebastian and Babs Ogundeyi. The company offers a range of financial services, including loans, savings, and insurance. Its mission is to provide financial access to those who are excluded from the traditional banking system. FairMoney has seen rapid growth since its inception, and it now serves over 1 million customers in Nigeria and across the African continent.

Details of the Financing Round

The most recent financing round was led by Tiger Global and India-based Keneokaf. The $42 million in funding will be used to expand FairMoney’s operations across the continent and to develop new products and services. This latest financing round brings the total amount of investment in FairMoney to $62 million.

Impact of the Financing Round

The investment from Tiger Global and Keneokaf is a major vote of confidence in FairMoney’s mission and its potential for growth. The additional funding will allow the company to expand its operations across the African continent and to develop new products and services to meet the needs of its customers. In addition, the investment will also help to create jobs and stimulate economic growth in the region.

Future Outlook for FairMoney

The latest financing round is a major milestone for FairMoney, and the company is now well-positioned to become a major player in the African fintech sector. The additional capital will allow the company to expand its operations and develop new products and services. In addition, the company is also looking to partner with other fintech companies in the region to further its mission of providing financial access to those who are excluded from the traditional banking system.

Conclusion

Nigeriabased FairMoney’s recent financing round from Tiger Global and India-based Keneokaf is a significant step forward for the company. The additional funding will allow the company to expand its operations across the African continent and to develop new products and services to meet the needs of its customers. In addition, the investment will also help to create jobs and stimulate economic growth in the region.

clicktoway

Leave a Reply

Your email address will not be published. Required fields are marked *