FairMoney, the Nigeria-based lending platform that specialises in providing speedy loan access to unbanked communities, has expanded to India. This is part of the company’s strategic move to take over other emerging markets outside of its current base (Nigeria) where it has been operating for nearly four years now.
In a press statement that was seen by Business Elites Africa, one of the company’s Co-founders and current CEO, Laurin Hainy, was quoted to have disclosed that the Indian expansion took place about six months ago. He said it has been a good experience so far.
“We were really impressed by the traction we got in India. Within six months, with a US$0 marketing budget, we got up to 100,000 users who went to FairMoney and verified their identity in the app. We had never expected this traction and had to cancel the marketing budget planned to acquire those users… It shows how relevant and useful our product is for the Indian market as well,” Hainy said.
Do note that Laurin Hainy co-founded FairMoney in 2017 alongside Nico Berthozat and Matthieu Gendreau. Since its initial launch, the company has recorded significant growth, with more than 3 million downloads of its app and about 1.5 million active users across Nigeria and India. FairMoney has also raised the sum of $14 million through three equity led by major investors like Flourish Ventures and DST Global. A total of $93 million worth of loans have so far been disbursed on the platform.
While explaining the inspiration behind the startup, Laurin Hainy (who is Nigerian-German) said the idea came to him after realising that financial inclusion was a serious problem. Since then, he and his business partners have been working hard to bridge the financial inclusion gap which, unfortunately, still exists.
“Banks stayed apart from this untapped market because of the lack of digital tech expertise to serve people with limited revenues in remote areas. We leverage the digital technologies to offer financial services to people, even for very small transactions and loans, in remote areas,” the CEO said.
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