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From Micro-Lending to Micro-Banking, Nigeria Adds Fuel to Africa’s Mobile Wallet Boom

CB Insights features there Nigeria’s fintech startups in its Q3’19 Fintech Sector Trends

CB Insights, the leading tech market intelligence platform that analyzes millions of data points on venture capital, startups, patents, partnerships and news mentions, features three of Nigeria’s fintech startups in its Q3 2019 Fintech Sector Trends. The three fintech startups are Kuda, FairMoney and Chipper.

Kuda has risen a pre-seed funding of $1.6 million with select investors from the Startupbootcamp. The startup has gained over 10,000 installs on Google Play. Kuda uses smartphone data to underwrite micro-credit in Nigeria. Kuda has a license from the Central Bank of Nigeria.

In quarter three under review, FairMoney got Series A funding of $11 million with selectors investors from DST, Flourish Venture, Le Studio VC, NewFund Capital, Speedinvest. The startup has gained over 1 million installs on Google Play, 200,000 users, facilitating 400 payments daily and disbursed close to 500,000 micro-loans since launching.

FairMoney’s focus is on lending license in Nigeria and hopes that it will get its own microfinance license from the Central Bank. The company will partner with microfinance institutions to launch current accounts, savings, and payments.

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Chipper was launched in the third quarter of 2019 with $2.4M funding from Deciens Capital, 500 startups, and Liquid 2 Ventures. It has gained over 500,000 installs on Google Play, processed over 250,000 transactions and has over 70,000 users.

Chipper Cash is a mobile cross-border payment platform. All in-country P2P transactions on Chipper Cash are free. Chipper is also expanding its network of merchants.

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