migo_mines_series_b_raise

Migo, the credit startup formerly known as Mines, has raised $20m in a Series B round which will now see it expand to Brazil.

The company’s move into the south American country is motivated by similarities in market opportunity with Nigeria, says Adia Sowho, Migo’s vice president for Growth, in a call with TechCabal.

Brazil’s unbanked adult population is about 100 million people, similar to the 80 to 90 million adults without access to financial products in Nigeria.

Using machine learning and cloud computing, Migo’s API is plugged in by partner clients – banks, telecommunications operators and merchants – to deliver branded credit products to middle and low-income consumers. According to the company’s stats, over 3 million loans have been offered to over 1 million customers in Nigeria since 2017.

Rebranding as Migo helps the company better communicate its values to the Brazilian market, consolidating all of its brand messaging in a single picture, Sowho said. Kwikmoney users in Nigeria will notice a change in interface, without disruption to using the app and service. Sowho said existing customers in Nigeria will be notified of the name change but that there will be no changes to how everything works. These customers will now be served by a company with a more international approach to credit creation and lending.

Migo’s series B is backed by Valor Group Capital, a venture capital firm whose major investments are in Brazilian startups (their other global companies include Coinbase and Udacity). The raise adds to the surge of money into African fintech in recent months, though this is notable for not being from an Asian money bag looking to boost a potential super app.

Tags:
Read this next
Jumia shuts down operations in Tanzania as it pursues profitability
Business, ecosystem, FinTech, Government, long reads, News, Policy, startups, Technology
28th November 2019

Jumia has shut down its e-commerce business in Tanzania. Users in the country will no longer be able to buy and sell goods from the retailer’s website, Jumia.tz. In a statement to TechCabal, Jumia said its Tanzanian exit is “part of ongoing portfolio optimization efforts.” “While Tanzania has strong potential and we’re proud of the […]

More From TC
Events, Features, people
23rd January 2021

Mr Eazi’s music is synonymous with relaxed vibes, alté music, and contemporary African sounds. In July 2020, the Afropop star launched a $20 million African Music Fund dedicated to financing African creatives.

In Kenya, the government has started to implement the Digital Services tax it proposed last year for internet businesses. They are hoping to raise 45 million dollars in revenue before the second half of the year.  A policy drafted by the Kenya Revenue Authority (KRA) in 2020 proposed taxing online goods sold in the country. […]


TechCabal is a Big Cabal Media brand



Copyright © 2013 - 2021
All rights reserved

Privacy & Terms
X