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Nigerian digital bank FairMoney in talks to buy Umba in $20M all-stock deal, sources say
Nigerian digital bank FairMoney is in discussions to acquire Umba, a credit-led digital bank, in a $20 million all-stock deal.
Umba, founded by Tiernan Kennedy and Barry O’Mahony in San Francisco in 2018, was launched as a credit-led digital bank targeting emerging markets. FairMoney’s previous acquisitions have included PayForce, a sub-brand of YC-backed Nigerian merchant payment service CrowdForce, which it picked up in a cash-and-stock deal worth $15-20 million. VC funding continues to tighten, and many of the big bets are not playing out as forecast, with companies missing growth targets and facing challenging unit economics.
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