Migo, the Nigerian fintech startup which offers credit-as-a service to large companies has confirmed bagging $20 million as part of Series B funding. Valor Capital Group, the Brazil-focused VC firm led the financing with participation from existing investors including The Rise Fund and Velocity Capital.
Prior to this round, Migo had raised $13 million Series A round financing in August last year. The current infusion takes the total amount raised by the firm to $35 million. Notably, the firm says that they expect another $10-$15 million infusion in the coming months. Ekechi Nwokah and Kunle Olukotun had founded the firm in 2013 and launched it in Nigeria first. Notably, the firm was branded as Mines.io initially but now has changed its name as Migo.
The firm counts big players like Interswitch and Africa’s largest telecom, MTN as their customers. The firm claims to have originated more than 3 million loans to over 1 million customers in Nigeria since 2017. The freshly raised funding will be used by the firm to enter the markets of Brazil.
CEO Ekechi Nwokah while speaking to TechCrunch said 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. What we are trying to do is to make prosperity available to all by reinventing the way people access and use credit.”
Interestingly, Nwokah says that they also have plans to enter the markets in the Asian region but before that, they want to have a stronghold in their current territories.
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