FairMoney, a Nigerian microlending startup, has raised $42 million in a Series B round led by Tiger Global, a US hedge fund and investment firm. DST partners, Flourish Ventures, Newfund, and Speedinvest, are among the existing investors who participated in the round. The startup intends to develop and broaden its present offers.
FairMoney is an online payday loan app that offers users payday loans for personal or commercial use. The company has an active presence in Nigeria and India, providing customers with mobile-based collateral-free lending services.