This archive report was first published on 3 December 2019.
December 3, 2019 - Migo, a fintech startup that provides credit access to underbanked customers in emerging markets, has secured a $20m Series B funding round led by Valor Capital Group.
The funding will support Migo's expansion into Brazil and continued growth in Nigeria, where it has already underwritten over seven million customers.
Migo's cloud-based platform enables companies to offer credit to their customers, augmenting traditional bank and payment card infrastructure.
With an estimated 90 million adults in Nigeria and 100 million adults in Brazil having no access to credit, Migo's platform serves a massive untapped market.
"Our mission is to drive commerce around the world by injecting liquidity into the last-mile retail sector," explains Migo CEO, Ekechi Nwokah.
As part of the financing, Antoine Colaco from Valor Capital has joined the Migo Board of Directors.
Migo's big data approach aggregates massive amounts of data across all of its partners to improve population coverage and credit decisions over time.
