AFTER RAISING $20M, THE CREDIT STARTUP MIGO EXPANDS TO BRAZIL COUPLED WITH ITS GROWTH IN AFRICA
Already grown credit startup Migo expands to Brazil after the company has grown its lending business in West Africa, however, the Series B funding round led by Valor Group Capital saw the startup pull $20 million.
Migo was launch in Nigeria seven years ago, precisely in 2013, where it was initially founded and now counts Africa’s largest telecom, MTN and fintech unicorn Interswitch as part of its clients. Based on the company’s priority while offering its branded products via defined channels, it was reported that Migo has initiated over three million loans to over one million customers in Africa’s most populous and economic country since 2017. However, the CEO and founder ‘Ekechi Nwokah’ made it clear that:
“The global social inequality challenge is driven by a lack of access to credit. If you look at the middle class in developed countries, it is largely built on access to credit”. Adding that,
“What we are trying to do is to make prosperity available to all by reinventing the way people access and use credit”. Credit: Techcrunch
The subject previously known as Mines.io and located in San Mateo primarily provides artificial intelligence-powered products to large firms in a bid to enable these companies to extend credit to customers that are unable to access bank credits in a viable way. And this implies, providing lending services to low-income populations that are beneficial to big corporates.
Prior to this development ‘startup Migo expansion’ to Brazil, it’s understood Migo via its cloud-based and data-driven interface – help companies, banks, and telecoms to make credit decisions around populations that have been sidelined, while those previously overlooked can integrate Migo’s API into their apps.
Moving from the point they were, the company is said to be developing into point of sale solutions. Analyzing the mode of payment, Nwakah clarified that the company’s client consumers can practically access their credit-lines and make payments with the aid of a merchant phone number and then clicking the “Pay with Migo”.
Meanwhile, despite the company’s new development (startup Migo expands to Brazil), the same source claimed that there are factors that could make things difficult for large institutions to render such services to people without going through usual credit profiles. While on the other hand, in a bid to curb expensive banks’ demand, the Migo CEO plans to establish infrastructure, technology, and staff to serve these sectors.
Also, in another dimension, there are plans to introduce Migo’s technology to the United States and Europe, this based on contacts already made with potential partners in the U.S., but most likely in Asia the company’s founder and CEO claim.
- What’s your take as the credit startup Migo expands to Brazil?