Fairmoney plans to roll out savings products, stock trading, and crypto trading services down the line. Here are the top-line bullets you need to know.
FairMoney, a mobile banking platform, has raised $42M in a Series B. The round drew participation from Tiger Global Management, SpeedInvest, Flourish Ventures, DST Partners, and New Fund.
How’s the company performing?
- Paris-based FairMoney is an online money lending platform that offers single payment, installment, and payroll loans to users. In 2020, the company disbursed $93M in loans to more than 1.3M users who submitted over 6.5M loan applications. It expects to disburse $300M worth of loans by the end of 2021.
- The startup has more than 150 employees spread across offices in Paris, Lagos, and Bengaluru.
Why does the market matter?
- The fintech market is projected to grow at a CAGR of 22.2% to reach a value of $305B by 2025, according to Market Data Forecast.
- The global rate of fintech adoption stands at 25% and holds an enormous opportunity for growth for service providers and first movers.
- The Covid-19 pandemic has driven up the adoption of cashless transactions through digital payment solutions and online payment gateways.
- The market has seen a funding boom in recent years. VCs invested $22.8B into fintech companies in Q1’21 alone.