FairMoney Business
“Can a Nigerian consumer microlender become the primary digital bank for African SMEs and merchants?”
Founded2019
HQAbuja, Nigeria
IndustryFintech / SMB banking
The story
FairMoney started in 2017 as a mobile microcredit app in Nigeria, then expanded into a full digital bank with current accounts and savings. In 2023 it acquired PayForce (CrowdForce) to enter merchant/SME banking, rebranding it as FairMoney Business — a POS acquiring, business account, and SME lending stack sitting on top of the group's Nigerian microfinance bank license. The strategic move is from consumer lending toward becoming a full-stack digital bank for emerging-market merchants.
Last 12 months
—
Product timeline
2017
FairMoney founded as a mobile lending app in Nigeria offering instant collateral-free personal loans.· lending
2019
Raised $11M Series A led by Flourish; began expanding from microcredit into current accounts and savings.· banking
2019
FairMoney Business (originally PayForce by CrowdForce) founded to serve SMEs and merchants.· banking
2023
FairMoney acquired PayForce by CrowdForce, rebranding it as FairMoney Business for merchant/POS/SME banking.· acquisition
Acquisitions
Regulated entities
1
regulatory licence held by FairMoney Business
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
3 layers disclosed in FairMoney Business’s embedded-finance stack
Payments / PSP
Banking / BaaS
in the full report
Lending
in the full report
Accounting gap: significant
6 more providers across 2 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.