Tech: Nigerian fintech startup, Mines, secures $13 million Series A funding to expand to South America and Asia

Mines, the fintech startup re-inventing credit in emerging markets, also plans to use part of the investment for talent acquisition.

Nigerian fintech startup, Mines, has closed a Series A round of $13 million to continue growth in Africa, expand to South America and South-East Asia.

The Series A funding round was led by The Rise Fund, a global fund managed by TPG Growth.

TPG Growth said it is excited to partner with Mines to drive financial access across the world.

Mines, the fintech startup re-inventing credit in emerging markets, also plans to use part of the investment for talent acquisition.

Ekechi Nwokah, CEO at Mines, in a statement, said, “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.”

“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.”

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Adia Sowho, VPC Commercial at Mines, said 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.”

The company provides a credit-as-a-service digital platform that enables institutions in emerging markets to offer credit products to their customers.

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