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Tuesday, March 28, 2023

DLM Capital Invests N1bn in Fair Money

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DLM Capital Group (formerly Dunn Loren Merrifield Group Limited) has disclosed a N1 billion investment in Fintech firm Fair Money.

DLM made the disclosure in its 3rd quarter 2021 financial statement seen by MoneyCentral and the investment was made sometime between December 2020 and September 2021.

The Company’s principal activities include but not limited to the provision of financial and capital market operators’ services through its SEC and CBN regulated subsidiary entities.

FairMoney’s profit surged from N400 million in 2020 to N2 billion in the first nine months of 2021 as the financial technology giant continues to maintain an excellent risk management strategy while providing digital banking services to customers in Nigeria and emerging markets.

“How have we achieved this profitability? It is the way we serve our customers. If you look at lending, you give anyone a loan but you should be able to tell who is likely to pay back and who is not likely to pay back,” said  Yaw Mante · Head of Finance at FairMoney  , during a recent investor conference in Lagos.

FairMoney was founded in 2017 as neobank to serve the significantly underserved by Nigerian banks as it leverages a credit-first model that offers loans to solve access to credit problems.

FairMoney projects a $300 million loan disbursement in 2021; $270 million in Nigeria and $30 million in India.

It raised $42 million in a funding round led by Tiger Global Management, a New York hedge fund. It will use the funds to build the financial home for its users, hire top engineers across the globe and go deeper into core markets.

FairMoney Nigeria obtained investment-grade ratings, BBB (NG) Long Term, and A3 (NG) Short Term with a stable outlook from Global Credit Rating (GCR), last year.

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