Migo has secured $20 million Series B funding from Valor Group and other investors. Formerly known as Mines.io, Migos is a credit facility startup that is based in Nigeria. the startup plans to leverage the funding to expand to Brazil.
Valor Group Capital a Brazil-based investment firm led the round, with participation from Africinvest, Cathay Innovation, Velocity Capital and The Rise Fund. The recent funding totals Migo’s secured fund at $37 million.
Founded in 2013, Migo is a credit company that offers an exclusive credit rating using AI and machine learning. These tools allow the startup to offers financial help to middle and low-income consumers customers.
See Also: San Francisco-based Kiva partners Sierra Leone Government to Launch Digital Credit Database
Migo integrates its API into banks. The API allows fintech operators the opportunity to get market insights on customers before disbursing loans to them. The startup is currently in partnership with, Interswitch, MTN, 9mobile, etc.
The company’s stats reveal that Migo has disbursed over 3 million loans to more than 1 million customers in Nigeria. The decision to expand to Brazil is in a bid to explore its similarities with Nigeria. Considering that the countries have a similar population and underserved population.
Ekechi Nwokah, the CEO and founder of Migo said, “statistically, the number of people without credit in Nigeria is about 90 million people and its about 100 million adults that don’t have access to credit in Brazil. The countries are roughly the same size and the problem is roughly the same.”
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