Migo (formerly Mines.io) offers a cloud-based, data-driven lending platform and APIs that let banks, telcos and large firms extend digital accounts and lines of credit to underbanked consumers. Its products include point-of-sale solutions and payment flows accessible via USSD and QR codes. Migo generates revenue through interest and fees on the loans it powers. The company has originated more than 3 million loans to over 1 million customers in Nigeria since 2017 and counts clients such as Interswitch and MTN. Management is using its Nigerian experience to expand into Brazil (with pipeline deals and a signed but undisclosed major partner) and to grow further across Africa; it has discussed potential moves into the U.S., Europe and Asia.

Total raised

$20M

Funding rounds

1

Latest round

Series B

Latest activity

Dec 2019