Nigerian credit-led fintech FairMoney acquires PayForce in retail-merchant banking play

Nigerian credit-led digital banking platform FairMoney has acquired PayForce (sub-brand of YC-backed CrowdForce), a merchant payment services that serves small businesses, as the digital lender looks to broaden its financial services proposition to merchants.
Both startups declined to disclose the terms of the deal. However, according to sources, the transaction was a cash-and-stock deal in the range of $15 million to $20 million. As part of the deal, CrowdForce CEO Oluwatomi Ayorinde joins FairMoney, where he will head the company’s payments business unit: PayForce by FairMoney.
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