Nigeriabased FairMoney Raises $42M Series A Led by India-Based Keneo Capital

FairMoney, a Nigerian-based fintech startup, recently announced they have closed a $42M Series A funding round led by India-based venture capital firm Keneo Capital. The round also included participation from a number of other investors, including Orange Digital Ventures, Partech, Global Ventures, and Quona Capital. Founded in 2018, FairMoney is a mobile-based application that provides personal finance services, such as credit, savings, and insurance, to the Nigerian market.

Overview of FairMoney

FairMoney is a mobile-based fintech startup that was founded in 2018 with the aim of providing affordable and accessible financial services to Nigerian citizens. The company offers a range of services, including personal loans, savings accounts, and insurance products, all through an easy-to-use mobile app. FairMoney has grown rapidly in recent years, and now has over 4 million customers across the country.

FairMoney’s Series A Funding Round

FairMoney recently announced the closing of its Series A funding round, which was led by India-based venture capital firm Keneo Capital. The round also included participation from a number of other investors, including Orange Digital Ventures, Partech, Global Ventures, and Quona Capital. In total, the startup raised $42M in Series A funding.

Impact of the Series A Funding

The Series A funding round is a major milestone for FairMoney and will help the company further expand its reach and services. With the new capital, the fintech startup aims to further develop its product offering and expand its customer base. The company is also planning to use the funds to invest in technology, strengthen its team, and improve customer service.

Other Investors in the Round

In addition to Keneo Capital, the Series A funding round was also backed by a number of other investors. These include Orange Digital Ventures, Partech, Global Ventures, and Quona Capital. Orange Digital Ventures, which is the venture capital arm of the telecom giant Orange Group, was particularly eager to invest in FairMoney, citing the company’s potential to “accelerate the digital transformation of Africa”.

Conclusion

FairMoney’s successful Series A funding round is a major milestone for the Nigerian-based fintech startup. The $42M funding will help the company further expand its reach and services, and will enable it to invest in technology and team expansion. With the backing of major investors such as Orange Digital Ventures and Keneo Capital, FairMoney is well-positioned to continue its growth in the years to come.