Fingo Neobank Overview

Fingo Overview

• Fingo is the first pan-African neobank for African youth.
• 50,000 accounts are being added, with an average of 1,000 accounts per day.

Problem

• Young Africans face challenges accessing financial services.
• Opening an account and sending money takes a long time (48+ hours).
• Sending money involves high fees (5-15%).
• Existing bank apps are often cumbersome with low uptake.
• Limited card usage (1% of total volume).

Solution

• Fingo provides a multi-product neobank with proprietary infrastructure.
• Offerings include FingoApp (physical/virtual cards), FingoInvest (savings/investments).
• FingoBusiness (business accounts), and FingoFX (multi-currency wallets).
• Launch dates for FingoBusiness and FingoFX are 2024.

Launch

• Fingo launched in May 2023 as Kenya's first digital-only bank by the Kenyan President.
• This makes it a significant initiative in the Kenyan and the wider African financial markets.

Traction

• 50,000+ accounts, adding 1,000+ accounts daily.
• $10,000+ monthly recurring revenue (MRR).
• $2.5 million+ monthly gross merchandise volume (GMV).

Business Model

• Revenue comes from various streams, including transaction fees (0.4%, competitors are 2-5%).
• Savings (3%, competitors are 1-2%).
• Remittances (2%, competitors are 5-10%).
• Loans (5%, competitors are 10-20%).
• Product launch scheduled for the future. *

Market

• Fingo targets a large market of young Africans (1+ billion, 18-30), with $250/month spending.
• Fingo aims for a 10% share of the Kenyan market.
• Financial services in Africa expected to grow at a 10% Compound Annual Growth Rate (CAGR) over the next few years.

Competition

• Fingo differentiates itself by offering a diverse suite of products across multiple countries.
• Traditional banks, mobile money platforms (such as M-Pesa), and other digital banking services comprise Fingo's competition.

Scale

• Fingo is supported by Ecobank ($75 billion in annual payments volume).
• Fingo has access to over 30+ markets.
• Fingo aims to be the first youth-focused neo-bank in target markets.

Partnership

• Fingo has a partnership with Ecobank.
• This partnership allows Fingo to gain access to more markets and reduce costs.

Funding and Milestones

• Fingo secured a Series A funding round in 2024.
• Milestones include 250,000 active users, $3M in annual recurring revenue, consumer CAC/ARPU at 1:12, and business CAC/ARPU at 5:40.

Future

• Fingo expects to see $100+ million in revenue by 2028.
• Fingo's vision is to cater to one-third of the 1 billion Africans under 35 by 2050.
• Fingo aims for 33+ markets, 100M+ consumers, and $3 billion+ in revenue with 5M+ businesses.
• Fingo is to reach a $20B+ in AUM.

Team

• Fingo has a strong leadership team and advisors from various industries, including financial technology.