# FairMoney

> Source: https://docs.barcoder.ai/docs/wallets/fairmoney
> research date 2026-05-29 · extracted at 2026-10-03
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

Specifications:
- [FairMoney — official](https://fairmoney.io/)

## Overview

**FairMoney** is **Nigeria's leading credit-led neobank**, founded **2017** <sup>[1][1], [2][2], [Nigeria report](https://docs.barcoder.ai/docs/payments/NG)</sup>. **Early 2026 baseline**:
- **Users**: **~6 million**
- **App downloads**: **17+ million** (one of Africa's fastest-growing companies)
- **2024 revenue**: **₦121.9 billion (+62% YoY)** <sup>[3][3]</sup>
- **2024 profit after tax**: **₦7.9 billion** (vs ₦780M in 2023 — 10x profit growth)
- **Customer deposits funded 56% of loan book** (Sep 2024); deposits +1,467% since 2021 (₦2.9B → ₦72.9B)

**Distinctive FairMoney positioning** <sup>[4][4]</sup>:
- **17%-30% annual interest on savings** (Feb 2025) — distinctive Nigerian-savings high-yield offering.
- **₦35B+ savings deposits** + **₦3B+ paid in interest to users** (Feb 2025).
- **Credit-led model**: Started as instant-loan app; grew to full digital banking via CBN microfinance license.

## History

**2017 — FairMoney founded** <sup>[2][2]</sup> in Paris by **Laurin Hainy (CEO) + Matthieu Gendreau + Nicolas Berthozat** with Nigerian-market focus.

**2019 — Nigeria operations launch** + **CBN microfinance banking license**.

**2021 — Series B funding** at $400M+ valuation.

**2024 — Revenue ₦121.9B (+62% YoY) + Profit after tax ₦7.9B (10x growth from ₦780M)** <sup>[3][3]</sup>.

**February 2025 — 17-30% interest savings + ₦35B+ deposits + ₦3B+ interest paid to users** <sup>[4][4]</sup>.

**India expansion**: FairMoney India launched (RBI India lending).

## Ownership & operator

**Operating entity**: **FairMoney Microfinance Bank Limited**.

**Co-founders**: **Laurin Hainy (CEO) + Matthieu Gendreau + Nicolas Berthozat** (Paris-headquartered with Nigerian-market focus).

**Major investors**: **Tiger Global + Speedinvest + DST Global + Newfund + AfricInvest + Flourish Ventures + others**.

**Regulator**: **CBN (Central Bank of Nigeria)** — Microfinance Bank license.

## Technical integration

| Layer | Description |
|---|---|
| **Channels** | FairMoney mobile app (iOS + Android) + FairMoney card |
| **Identifiers** | Phone + email + BVN (Bank Verification Number; Nigerian) |
| **License** | CBN Microfinance Bank (Nigerian) + RBI India |
| **Sub-products** | FairMoney Account + FairMoney Loans (instant + credit-led) + FairMoney Savings (17-30% interest) + FairMoney Card + FairMoney Bill Payments + FairMoney India lending |
| **Distinctive** | 17-30% annual interest on savings (distinctive Nigerian high-yield) |

## Users & growth

**Early 2026 baseline** <sup>[1][1]</sup>:
- **Users**: ~6 million
- **App downloads**: 17+ million
- **2024 revenue**: ₦121.9 billion (+62% YoY)
- **2024 profit after tax**: ₦7.9 billion (10x from ₦780M in 2023)
- **Customer deposits (Sep 2024)**: ₦72.9 billion (+1,467% since 2021)
- **Feb 2025**: ₦35B+ savings deposits + ₦3B+ interest paid to users

## Use cases

NG retail credit-led digital banking (instant loans + microloans); NG savings with 17-30% annual interest (distinctive high-yield); NG bill payments + card spending; India lending (RBI-regulated FairMoney India expansion).

## Implementations & partners

**Operator**: **FairMoney Microfinance Bank Limited** (Laurin Hainy CEO + Matthieu Gendreau + Nicolas Berthozat).

**Major investors**: **Tiger Global + Speedinvest + DST Global + Newfund + AfricInvest + Flourish Ventures**.

**Major Nigerian neobank competitors**:
- **[OPay](https://docs.barcoder.ai/docs/wallets/opay)** (Opera spin-off; SoftBank-backed; 58M active; $4B IPO pending)
- **[PalmPay](https://docs.barcoder.ai/docs/wallets/palmpay)** (Transsion Holdings-backed; 35M registered)
- **[Kuda Bank](https://docs.barcoder.ai/docs/wallets/kuda-bank)** (Nigerian neobank; 7M+ users)
- **[Paga](https://docs.barcoder.ai/docs/wallets/paga)** (NG veteran 2009; 20M+ users)
- **[Carbon](https://docs.barcoder.ai/docs/wallets/carbon)** (Nigerian digital banking; CBN microfinance licensed)

**Regulator**: **CBN + RBI India**.

## Fun facts

- **2017 founding in Paris by Laurin Hainy + Matthieu Gendreau + Nicolas Berthozat** with Nigerian-market focus — distinctive Paris-HQ-with-NG-focus model.
- **~6M users + 17M+ app downloads** (early 2026).
- **2024 revenue ₦121.9B (+62% YoY) + profit after tax ₦7.9B (10x from ₦780M)**.
- **Customer deposits +1,467% since 2021** (₦2.9B → ₦72.9B Sep 2024).
- **17-30% annual interest on savings** (Feb 2025) — distinctive Nigerian high-yield.
- **India expansion via FairMoney India** (RBI-regulated lending).
- **Backed by Tiger Global + Speedinvest + DST Global + Newfund + AfricInvest + Flourish Ventures**.

## Comparison

| Feature | FairMoney | [OPay](https://docs.barcoder.ai/docs/wallets/opay) (NG #1 rival) | [PalmPay](https://docs.barcoder.ai/docs/wallets/palmpay) (NG #2 rival) | [Kuda Bank](https://docs.barcoder.ai/docs/wallets/kuda-bank) (NG neobank rival) | [Carbon](https://docs.barcoder.ai/docs/wallets/carbon) (NG digital banking rival) |
|---|---|---|---|---|---|
| Operator | **FairMoney Microfinance Bank Limited (Laurin Hainy CEO + co-founders Paris-HQ; Tiger Global + DST + Speedinvest + AfricInvest backed)** | OPay (Opera spin-off; SoftBank-backed) | PalmPay Limited (Transsion Holdings-backed) | Kuda Bank | Carbon |
| Type | **NG credit-led neobank + 17-30% savings interest + India expansion** | NG #1 mobile wallet + microfinance bank | NG #2 mobile wallet (smartphone-OEM-bundled) | NG neobank app-first | NG digital banking (CBN microfinance licensed) |
| Country | NG + IN | NG + EG + PK | NG + GH + KE + TZ | NG + GB | Nigeria |
| Users | **~6M users + 17M+ app downloads (early 2026); 2024 revenue ₦121.9B (+62%); profit ₦7.9B (10x)** | 58M active + 10M DAU + 22% NG market share | 35M registered + 30M active + 15M daily tx + 99.5% success | 7M+ + ₦14.3T Q1 2025 + $500M flat 2024 valuation | Dominant NG digital banking peer with Kuda + FairMoney |
| Distinctive | **17-30% savings interest distinctive NG high-yield; deposits +1,467% since 2021; profit-after-tax 10x growth; Paris-HQ NG focus + India expansion** | Opera spin-off; SoftBank-backed; $4B IPO pending | Transsion smartphone-OEM bundling | Valar Ventures (Thiel)-backed; flat 2024 valuation; FCA UK diaspora | Direct credit-led NG digital banking peer |

## Status

**Active, Nigeria's leading credit-led neobank** <sup>[1][1], [3][3]</sup>:
- **FairMoney Microfinance Bank Limited (Laurin Hainy CEO)** since 2017.
- **~6M users + 17M+ app downloads + 2024 revenue ₦121.9B (+62%) + profit ₦7.9B (10x growth)**.
- **17-30% annual interest on savings** (Feb 2025) — distinctive Nigerian high-yield.
- **Customer deposits +1,467% since 2021**.
- **India expansion via FairMoney India RBI-regulated lending**.
- **CBN + RBI India regulated**.

## Sources

[1]: https://openafricapod.substack.com/p/fairmoney-in-2024-how-a-credit-led "FairMoney 2024 credit-led NG digital bank — Open Africa Pod"
[2]: https://fairmoney.io/ "FairMoney — official"
[3]: https://techcabal.com/2025/04/10/fairmoney-2024-revenue/ "FairMoney 2024 revenue ₦121.9B +62% — TechCabal"
[4]: https://techpoint.africa/2025/02/26/fairmoney-offers-nigerians-17-to-30-interest-on-their-savings/ "FairMoney 17-30% savings interest Feb 2025 — Techpoint"
[ng-cro]: https://docs.barcoder.ai/docs/payments/NG

- [1] [FairMoney 2024 credit-led NG digital bank — Open Africa Pod][1]
- [2] [FairMoney — official][2]
- [3] [FairMoney 2024 revenue ₦121.9B — TechCabal][3]
- [4] [FairMoney 17-30% savings interest — Techpoint][4]
- <sup>[Nigeria report](https://docs.barcoder.ai/docs/payments/NG)</sup> In-corpus: `reports/countries/NG-nigeria.md`

## Source

Biography extracted from [fairmoney.md](https://docs.barcoder.ai/source/wallets/fairmoney). See `matrix.md` for standards-support matrix if present.