TLG Capital invests debt in FairMoney

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TLG Capital has invested debt in FairMoney, a fintech with a microfinance bank license that operates a neo-banking platform in Nigeria. The financing is being provided by TLG Capital’s Africa Growth Impact Fund which can invest as much as $5 million, depending on FairMoney’s achievement of certain milestones. The tenor of the debt is being structured individually for each tranche.

FairMoney will use the capital to build the size of its loan book. The company started life as an online lender providing instant loans to customers in Nigeria. Today, the credit-led neobank offers individuals in Nigeria and, more recently, India loans ranging from as little as $3 to as much as $1,000 for periods ranging from days to six months. In 2020, the company received 6.5 million credit applications, approving 1.3 million of them and disbursing $93 million in loans. As well as providing credit to individual consumers, the firm aims to start making loans to SMEs as well as begin issuing credit and debit cards.

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