Nigerian fintech FairMoney acquires PayForce for undisclosed sum
Nigerian neobank FairMoney has acquired PayForce, a fellow Nigerian merchant payment collection and financial services platform.
FairMoney acquires PayForce
The terms of the deal remain undisclosed, however TechCrunch reports the transaction could be in the region of $15 million to $20 million.
With the addition of PayForce, FairMoney is looking to expand its offering to include features for merchants as well as retail customers, enabling users to collect payments for their businesses.
PayForce is a sub-unit of CrowdForce, a financial services research firm backed by Y Combinator. As part of the acquisition, CrowdForce CEO Oluwatomi Ayorinde will join FairMoney to lead PayForce.
FairMoney CEO Laurin Hainy tells TechCrunch that with the acquisition, the firm intends to provide PayForce customers that use FairMoney as their main bank perks such as an 18% annual return on deposits. The company also intends to create credit products for businesses to improve access to working capital.
Founded in 2017 and headquartered in Paris, France, FairMoney claims to be Nigeria’s top digital bank with over 10 million downloads. It offers a range of digital financial products including digital loans, savings and investment products and cards, all accessible via its app.
