Mines secures $13 million series A to grow digital credit platform for emerging markets

Although we are headquartered in Washington D.C. USA, our reporters and editors are working around the globe to cover what you care about. We invite you to donate to our fundraiser to help us keep our quality news free and available to all.  


Mines, a fintech startup re-inventing credit in emerging markets, has closed a Series A round of $13 million led by The Rise Fund, a global fund managed by TPG Growth. Also participating are Velocity Capital, Western Technology Investments, First Ally Capital, X/Seed Capital, NYCA Partners, Persistent Capital, Singularity Investments, Trans Sahara Investments, and the Bank of Industry. Mines plans to use its investment for talent acquisition, continued growth in Africa, and expansion to South America and South-East Asia.

Mines provides a Credit-as-a-Service digital platform that enables institutions in emerging markets to offer credit products to their customers; no smartphone is required. Leveraging their own data sets, domestic institutions are able to serve loans to customers ignored by available credit systems and open up entirely new revenue opportunities.

“There are more than 3 billion adults globally without access to credit. Our vision is that every one of them will have instant access to credit in the next 10 years.” explains Ekechi Nwokah, Mines CEO. “We believe the best way to realize this vision is to partner with banks, retailers and mobile operators and power digital credit products tailored to their markets so they can create the customers of tomorrow, today.”

[read_more id="2" more="Read full article" less="Read less"]

By mining high-volume data like phone records, bank records, and payment transactions in real-time, Mines can instantly assess credit risk in markets that lack robust credit bureau infrastructure. It then integrates its risk models with identity, origination, payments, loan lifecycle management, and customer service to form a holistic platform. The net result is a seamless user experience where partners’ customers can apply for and receive a loan in less than 60 seconds or make instant purchases with virtual or physical credit cards.

The company has hardened its proprietary technology in Nigeria where it has been used by over 1 million customers since launching in 2017. It is now the leading provider of consumer credit in the country, counting mobile operators 9mobile and Airtel, payment processors Interswitch and NIBSS, along with several banks amongst its partners. “What we have done differently is take Silicon Valley technology and built it into a product that is robust enough for emerging markets like Nigeria, Brazil, or Indonesia”, says Chief Scientist Kunle Olukotun. “We can extend credit to all types of customers, including customers without smartphones or even bank accounts as these are the people who need credit the most.”

As part of the financing, Yemi Lalude from TPG Growth and Willem Willemstein from Velocity Capital have joined Mines’ Board of Directors. Lalude says, “Mines combines world-class artificial intelligence and extensive use of data with a strong focus on local partnerships to build financial inclusion. We are excited to partner with them to drive financial access across the world.”

Mines started out as a research project on high performance artificial intelligence led by Olukotun, a professor of computer engineering at Stanford University. It came to life after a chance meeting with Nwokah, a computer scientist working on big data projects at Amazon Web Services, after which they teamed up to direct the technology towards solving the grand challenge of financial access. Both founders grew up in Africa and understand the challenges facing technology companies trying to solve problems in emerging markets without a deep respect for the complexities of local culture, knowing they need to take a different approach. They have been joined by VP Commercial Adia Sowho, who has successfully scaled several digital financial services at one of Nigeria’s largest mobile operators, to grow the business.

Sowho says “Scaling a digital product in Africa requires a deep understanding of two things – distribution and partnerships.  In Nigeria, Mines has demonstrated that its platform is flexible enough to enable partners with consumer reach across the income pyramid, activate a wide swath of distribution channels, from rudimentary USSD to more advanced web-based ones. We look forward to building more partnerships in Nigeria and beyond”.

[/read_more]

Avatar
Press Release
This is an official press statement republished by Today News Africa as received. As Africa's leading newspaper in the United States registered and headquartered in the District of Columbia, our mission is to provide answers to questions our readers have about the continent of Africa in many areas, including business and investment, economy, environment, tourism, politics, human rights, climate change, and much more.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Trending Now

Trump says Sudan to be removed from terrorism list if it pays $335 million in compensation

President Donald Trump on Monday said Sudan will be removed from the U.S. list of state sponsors of terrorism once it...

Anxiety in Africa as Johnson & Johnson conceals critical details about COVID-19 vaccine illness

Anxiety continued to mount across Sub-Saharan Africa on Monday over COVID-19 vaccine trials by Johnsons & Johnson, as the company continued...

Rights group urges AU to denounce crackdown on Cameroon’s opposition

Human Rights Watch on Monday urged the African Union (AU), the African Commission on Human and Peoples’ Rights (ACHPR), the Economic...

Mass prison break: Thugs disguised as protesters free over 200 inmates in Nigeria

Thugs disguised as protesters have freed over 200 inmates in Nigeria.The criminals disguised as EndSARS protesters freed...

Mauritania should free activists held on charges of blasphemy and insulting Islam: HRW

Mauritania’s government should drop charges of blasphemy and insulting Islam against eight political activists and release the five held in pretrial detention...

MOST POPULAR

Damning report finds detainees in Iran were sexually abused and given electric shocks in gruesome post-protest crackdown

Iran’s police, intelligence and security forces, and prison officials have committed, with the complicity of judges and prosecutors, a catalogue of...

Africa shocked U.S. under Trump has worst coronavirus response in the world

President Donald Trump has "failed in his basic duty to protect Americans", world's renowned journalist Bob Woodward told Fox News Sunday...

IMF’s Georgieva says second round of support coming to Africa but Oxfam argues debt cancelation the only way out of COVID-19 turmoil

The Managing Director of the International Monetary Fund (IMF) Ms. Kristalina Georgieva said on Wednesday that the Washington DC-based institution is...

Ethiopia charges prominent opposition figure Jawar Mohammed with terrorism

As human rights organizations continue to warn that Prime Minister Abiy Ahmed is turning Ethiopia into a dictatorship, his administration on...

EXCLUSIVE: IMF economist details how COVID-19 economic turmoil in Asia will affect Sub-Saharan Africa

The COVID-19 pandemic is battering economies in Asia with a contraction expected for the first time in many decades. The economic...

MTN named most valuable African brand worth $3.3 billion

MTN Group has been named the most valuable African brand with a value of $3.3 billion.Brand value is the net economic benefit that a brand owner would achieve by licensing the brand in the open market.Brand Finance Africa said it based its ranking on a survey it conducted in 2020.In...

[/read_more]

[read_more id="2" more="Read full article" less="Read less"]

Share
WhatsApp
Reddit
Tweet
Share