Providing credit to those who desperately need it is the mandate of the California-based lending firm Migo. According to Crunchbase News, Migo recently raised $20 million during its Series B funding. The team had previously raised over $10 million in their Series A.
Since its inception, Migo has created a new lending space, a genuine accomplishment for an invention that initially began only as an artificial intelligence project. Migo now partners with businesses in a variety of industry sectors, employing complex algorithms to calculate lending risk and then offers loans with a digital account, eliminating the need for credit cards. Migo’s business model has proven so successful that, as noted by Business Insider, it has been able to raise over $35 million since its founding and to disburse N36 billion since 2017.
Launched in 2014, Migo is the brainchild of Mines Founder and CEO Ekechi Nwokah and Stanford University professor Kunle Olukotun. Formerly known as Mines, the startup provides cloud-based lending to customers in Nigeria who would otherwise not be able to secure it. Migo is now taking a leap by operating in Brazil as well, acting on its vision of making “prosperity available to all.”