FairMoney, a digital banking and instant loan platform, has secured additional investment to create fresh digital banking services in Nigeria.
The Africa Growth Impact Fund (AGIF), which is an investment vehicle that is being managed by TLG Capital, a UK investment holding firm, was instrumental to the investment round.
TLG Capital typically invests in Small and Medium Enterprises that are located in English-speaking sub-Saharan Africa with funding that ranges between $ 1 million and $15 million.
This undisclosed funding is coming just three months after FairMoney raised $42 million in its Series B funding round from investors including Tiger Global Management, Speedinvest, DST, Newfund, and Flourish Ventures.
FairMoney was founded in 2017 in Nigeria by Laurin Hainy, Matthieu Gendreau, and Nicolas Berthozat.
It started out as a digital bank that provided mobile loans to its users and afterward, expanded into other products like investments and savings.
In 2019, it extended its operations to India and plans to grow its portfolio and offer its services to the underserved and financially excluded people.
FairMoney currently has more than 5 million clients in Nigeria and India.
Due to its solid growth trajectory (GCR), solid liquidity, great underwriting practices, and strong balance sheet, Global Credit Ratings, a South African financial rating agency, gave FairMoney long-term BBB (NG) and A3 (NG) short-term investment-grade ratings. FairMoney was also given quality issuer ratings (BBB / A3 / Stable).
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