03 December 2019:
Credit startup Migo has raised $20 million in Series B round of funding. The funding round was led by Valor Capital Group.
Existing investors The Rise Fund and Velocity Capital also participated in the funding round.
As the part of funding, Antoine Colaco from Valor Capital will join the Migo Board of Directors.
The startup will use the fresh capital to support talent acquisition and Migo’s launch into the Brazilian market, as well as its continued growth in Nigeria.
The startup had raised $13 million in Series A round of funding.
Ekechi Nwokah, CEO, Migo, said, “Our mission is to drive commerce around the world by injecting liquidity into the last-mile retail sector. We believe the best way to achieve this goal is to build digital infrastructure to empower local enterprises that already serve millions of consumers and small businesses.”
Antoine Colaco from Valor Capital, said, “Migo combines world-class technology with a deep understanding of the needs of consumers and small businesses in emerging markets. We are excited to partner with them in Brazil and beyond.”
Adia Sowho, VP of growth, said, “The typical Silicon Valley approach of move-fast-and-break-things doesn’t work well in emerging markets. To create durable solutions, it is important to combine the audacity of cutting-edge technology with humility to the nuances of local markets.”
(Image – Migo)