Helping emerging enterprises and individual borrowers access reliable credit is good business. When your model also helps banks guarantee recurring returns, chances are you’ll get business requests from various zip codes. That’s the two-sentence synopsis of Migo’s expansion from a money lending startup with an office in Lagos and registered in San Mateo, California, to international financial services firm about to take on South America.
Nigerian credit startup Migo, formerly known as Mines, has raised a US$20 million Series B funding round to finance its expansion to Brazil and continued growth in its home market
If you threw a rock in a room full of African startup founders today, you would likely hit one offering to give users loans “in just 10 minutes!”