Three Months After Raising $42m, Nigeria’s FairMoney Secures Additional Funding

Three months after raising a $42 million Series B fundingFairMoney has secured additional funding to develop new digital banking services in Nigeria.

The funding came from the UK investment holding firm TLG Capital. 

Read Also: Nigerian Fintech startup, FairMoney, lands $42mn Series B round

The investment was carried out via Africa Growth Impact Fund (AGIF), an investment vehicle managed by TLG Capital, and which targets SMEs in English-speaking sub-Saharan Africa. Although the amount committed has not been disclosed, AGIF is known to make investments of between $ 1 million and $15 million.

FairMoney, which started operations in Nigeria in 2017 and extended to India in 2019, wants to “increase its portfolio while delivering services to financially excluded and underserved people,” according to Laurin Hainy, the company’s co-founder and director general.

Tiger Global Management, DST, Flourish Ventures, Newfund, and Speedinvest contributed $42 million in Series B funding to the financial institution that now includes TLG Capital as an investor.

Laurin Hainy, Matthieu Gendreau, and Nicolas Berthozat co-founded the digital bank, which began with mobile loans before expanding into savings and investment products. 

FairMoney, which has over 5 million clients in Nigeria and India, was given quality issuer ratings (BBB / A3 / Stable) as well as long-term BBB (NG) and A3 (NG) short-term investment-grade ratings by the South African financial rating agency Global Credit Ratings due to its strong liquidity, resilient balance sheet, good underwriting practices, and strong growth trajectory (GCR).

From The GFA Team

To Be African Or Not To Be African That Is The Question: African In The Diaspora (Diary)5 Steps for Personal Development: Life Changes With Efe
This image has an empty alt attribute; its file name is Daily-Reminder-1-1024x512.jpgThis image has an empty alt attribute; its file name is Life-changes-with-Efe-1024x724.jpg
Africa was the birthplace of the human species between 8 million and 5 million years ago. Read More Personal development is a lifelong process, it refers to the continuous act of evaluating your values and goals towards building your skills and qualities to reach your potential. Read More

Nichole Manhire

Is the media and brand manager at GFA News. She works very closely with editors and podcasters that contribute to telling the African business success story. For marketing and advertising send Nichole an email:

Related Articles

Leave a Reply

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

Back to top button