Licensed online lender FairMoney is hoping to replicate its success in Nigeria on the Indian market, according to a report published by Tech Crunch.
The fintech launched onto the Indian market in August last year, having experienced exponential growth in Nigeria since its 2017 launch, disbursing a total loan volume of $93 million in 2020, up 128 per cent from the prior year.
Since its launch in India, FairMoney has processed more than 500,000 loan applications from 100,000 unique users with zero ad spend or marketing.
CEO Laurin Hainy told TechCrunch, “If our ambition is to build the leading mobile bank for emerging markets, we need to start with very large markets. We tested our products in 10 different markets checking out for things like what the yield economics is like, NPLs, cost of risk, customer acquisition cost, cost of infrastructure and India stood out to us.”