#BankTech / Fair, a neobank and financial services platform, raises $20 million

Fair, a neobank and financial services platform, is set to launch nationwide in April to provide its banking, lending, investment and retirement services.

The funding will mostly be used for marketing, public relations and continued technological development… Other recently launched neobanks and banking platforms like Jiko and Oxygen have dedicated their seed and series A capital to making key hires, scaling technical teams and to support rigorous R&D.

Parekh is the founder, chairman and CEO of Houston-based technology and private equity firm Amsys Group. He explained that he founded Fair to have a platform that has pro-consumer equity-based financing that will offer equity-based lending for home, auto and business. The company is a mobile-first alternative that has features including free international money transfers, an up to two percent annual dividend account and is launching a “buy now, pay later,” feature.

“What really differentiates us from the competition, [is that] there is no competition. That’s how I always positioned ourselves – Fair does not have competition, because Fair is not a one trick pony… We have a whole suite of 13 products that we are going with. We are different.”