Fair Raises $20M in Funding

Fair, a Houston, TX-based multilingual neobank and financial services platform, raised $20m in funding.

The backers were not disclosed.

Led by Khalid Parekh, founder and CEO, Fair is a membership-based fintech startup that aims to empower consumers with ethical banking, lending, investments and retirement services. 

The company will open early bird membership enrollment in March, with a public launch in April.

Fair’s offerings include:

• Free account-to-account international money transfers
• Free ATMs and teller services and conventional banks and retail outlets
• Early access to paycheck funds (two days)
• Instant, interest-free microloans (buy now pay later at the register)
• Interest-free loans for home, auto and business (all loans are equity-based)
• Debit card accounts for kids
• Up to 2% annual dividend account
• Available in English, Spanish and Arabic

To join, members will pay a one-time annual or monthly membership fee based on their preference. Fair banking services are provided by Coastal Community Bank, Member FDIC and will offer MasterCard® Debit Card.

Parekh is also founder of AMSYS Group, a tech firm valued at nearly $350 million.

FinSMEs

09/02/2021