FairShare

Who are you and what is FairShare?

I’m Michael Gallacher, founder of FairShare. We help people document and manage private loans between family members and friends.

FairShare gives both sides a shared repayment schedule, reminders and a clear record of what was agreed. People can also create a digital loan agreement when they want more structure. The platform supports loans people arrange themselves and never handles the money.

Why do informal loans need a product of their own?

Borrowing from someone close can be quick and generous. The awkwardness often arrives later. Memories differ, circumstances change and neither person wants to turn a relationship into an accounting exercise.

Many people rely on text messages or a rough spreadsheet, even when the amount is significant. I saw a need for a neutral place that made the agreement visible and kept the practical admin from becoming personal tension.

How does FairShare keep the relationship clear?

The lender and borrower can record the amount, repayment terms, timing and any interest they have agreed. FairShare turns that into a schedule, tracks progress and sends reminders, so both people can refer to the same information.

It is a management tool for an existing private loan. We do not match borrowers with lenders, provide the funds or move money between them. That focus lets us concentrate on clarity and follow-through.

Where is FairShare today?

The first FairShare prototype was fully funded within 24 hours, showing that the problem resonated immediately. Since then, we have launched the consumer product, used beta feedback to improve the experience and raised A$75,000 across two investment rounds, including funding at a valuation of A$2.5 million.

The next stage is growing usage and continuing to learn how people manage these agreements in real life. Private lending will always be built on trust. FairShare gives that trust a practical structure people can return to.