Migo, formerly Mines.io, a credit-as-a-service digital platform in emerging markets, has completed a series B equity round of $20 million led by Valor Capital Group, a Brazil-focused venture capital firm.
This financing comes a year after the startup raised $13 million series A, and will be used to support talent acquisition, Migo’s launch into the Brazilian market, as well as its continued growth in Nigeria.
As a cloud-based platform, it enables companies to offer credit to their customers, augmenting traditional bank and payment card infrastructure.
Banks, telecommunications operators, and merchants integrate Migo in their apps and Migo underwrites customers to provide them with a digital account and credit line which can be used to make purchases from merchants without needing point-of-sale hardware or plastic cards.
“Our mission is to drive commerce around the world by injecting liquidity into the last-mile retail sector. We believe the best way to achieve this goal is to build digital infrastructure to empower local enterprises that already serve millions of consumers and small businesses,” explains Migo CEO, Ekechi Nwokah, in a press statement.
Migo enables some of the largest retail enterprises in Africa — from mobile operators like 9mobile and MTN, to payment companies like Interswitch, and banks like Fidelity Bank.
Having underwritten more than seven million underbanked customers of these customers to date, Migo is now expanding to Brazil and partnering with some of the largest retail enterprises in Latin America.
Existing investors include series A lead investor The Rise Fund (managed by TPG Growth) and Velocity Capital.
Nigerian startups raised $377m in 2019, more than twice what they did in 2018. Find out more when you download the full report.