Nigerian neobank FairMoney has raised $42 million in a Series B funding round.
The round was led by US investment firm Tiger Global, whose other investments include Stripe, Brex and Checkout.com.
There was also participation from existing investors Flourish Ventures, DST Global, Newfund and Speedinvest, who contributed to the firm’s €10 million Series A round in 2019.
The company writes on LinkedIn that it will use the funds to “build more delightful banking services for our customers and double down on growth in Nigeria and India.”
Initially launched as a micro-credit offering in 2017, the fintech start-up has since expanded to create a digital banking platform for private and business borrowers.
TechCrunch reports that the company disbursed a total loan volume of $93 million to over 1.3 million users across 2020.
Based in Nigeria, the company also launched a version of its product in India last year in an effort to give “underbanked people in emerging markets access to financial services.”
The news further boosts Nigeria’s burgeoning fintech scene after Appzone landed $10 million in April to develop its pan-African digital core banking solution.
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