Credit startup Migo expands into Latin America

LatAm ListMigo, a San Francisco-based credit startup, is expanding into Brazil after raising a US$20M Series B round led by Valor Capital Group, marking the start of an interesting international expansion. Migo’s operations are currently focused in Nigeria, although the company’s headquarters are in Silicon Valley. 

Migo aims to democratize access to credit in emerging markets. Migo provides artificial intelligence services that enable large companies to process customer data so they can provide credit to their underbanked and low-income customers. 

“The global social inequality challenge is driven by a lack of access to credit. If you look at the middle class in developed countries, it is largely built on access to credit,” comments Ekechi Nwokah, founder and CEO of Migo.

Brazil, similar to many countries in Africa, has a large population of unbanked individuals, therefore providing an optimal investment opportunity for a startup like Migo, which seeks to create scalable emerging market finance solutions. 

“What we are trying to do is make prosperity available to all by reinventing the way people access and use credit,” Nwokah added. 

The funding will allow Migo to further develop operations in Brazil as the company seeks to widen its reach, considering Asia as a next step for expansion.

Read more on TechCrunch.

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