This archive report was first published on 3 December 2019.
December 3, 2019, marked a significant milestone for Migo, a Nigerian fintech startup, as it secured $20 million in series B funding. The investment, led by Brazil-based Valor capital, will enable Migo to expand its operations into Brazil.
With a similar demographic profile to Nigeria, Brazil presents a vast untapped market for credit services. Migo's Vice President, Adio, noted that Brazil shares a similarly sized problem to Nigeria in terms of low access to credit among adults.
Unlike other credit fintechs, Migo acts as a last-mile connector, integrating its application into existing institutions' platforms to offer credit services to customers without smartphones. This innovative approach has enabled Migo to reach over 7 million customers in Nigeria, partnering with large operators like MTN and 9mobile, as well as payment platforms like Flutterwave and Interswitch.
According to Migo's CEO, Ekechi Nwokah, the startup's mission is to drive commerce worldwide by injecting liquidity into the last-mile retail sector. To achieve this goal, Migo aims to build digital infrastructure to empower local enterprises serving millions of consumers and small businesses.
