Migo, formerly known as Mines.io, is a cloud-based platform that enables companies to offer credit to their customers, augmenting traditional bank and payment card infrastructure.
Migo provides a Credit-as-a-Service digital platform that enables institutions in emerging markets to offer credit products to their customers, with no smartphones required.
Migo was founded in 2014 by Kunle Olukotun, Ekechi Nwokah. The company is based in Ikoyi, Lagos, Nigeria, with it's headquartered based in San Francisco, California.
Migo leverages their own data sets, domestic institutions to be able to serve loans to customers ignored by available credit systems and open up entirely new revenue opportunities.
Migo’s service is plugging a gap for large corporations looking to maintain a competitive edge by offering credit products especially as standalone credit-focused fintech apps offering loan services directly to consumers emerge.
Migo with over 1 million customers, is the leading provider of consumer credit in the country, counting mobile operators 9mobile and Airtel, payment processors Interswitch and NIBSS, plus several banks, amongst its partners.
Migo is backed by TPG Growth, Valor Capital Group, The Rise Fund, Velocity Capital, Western Technology Investments, First Ally Capital and others. The company raised $20M from a latest Series B financing on Dec 03, 2019. This brings Migo's total funding to $37.2M to date.