Fairmoney is a mobile banking platform for private and business borrowers. It is an application that uses smartphone data to build an instant credit score and give loans. FairMoney lets someone get a loan from its mobile app and after answering a few questions and sharing financial information, the startup analyzes this data set as well as the geolocation and transfer the money via the traditional banking system. Interest rates vary depending on the repayment periods and other factors. For users without smartphones, the startup is also working on an SMS interface to transfer money.