NIGERIA – Ekechi Nwokah, the Chief Executive Officer (CEO) of Nigerian fintech startup Migo, has been accepted into the global Endeavor network, a non-profit organisation that supports high-impact entrepreneurs around the world, gaining access to various support services to help the company scale.
The Endeavor initiative works to catalyse long-term economic growth by selecting, mentoring, and accelerating the best high-impact entrepreneurs worldwide, and has accepted a host of African entrepreneurs into its network in recent years, most recently in January.
A Virtual ISP was held online, during which Endeavor selected seven new entrepreneurs from six countries. This means it now supports 2,046 entrepreneurs leading 1,278 companies in 37 markets.
Nwokah, who co-founded credit startup Migo, formerly known as Mines, in 2014 was selected with six other entrepreneurs from Vietnam, Ireland, Brazil, Greece and Indonesia.
The startup provides a Credit-as-a-Service digital platform that enables institutions such as banks, telecoms and retailers in emerging markets to offer credit products to their customers, with no smartphones required.
These companies integrate Migo in their apps and Migo underwrites customers to provide them with a digital account and credit line. The customers can use this credit line to make purchases from a merchant or withdraw cash without the need for point-of-sale hardware or plastic cards.
Migo has had notable fundraising successes, securing a US$13 million Series A round in 2018 and following that up with US$20 million in Series B investment back in December.
The most recent round will be used to finance its expansion to Brazil and continued growth in Nigeria.
As part of Endeavor’s network, Nwokah and the other entrepreneurs selected at the Virtual ISP will gain access to comprehensive, strategic, global support services, including introductions to local and international business mentors, investors, and volunteers from Fortune 500 consulting firms who will help them address key needs.
The startup was founded in 2014 by a Nigerian team comprised of Olukotun, a Stanford University professor, and Nwokah, a former computer scientist who previously served at Amazon Web Service’s A9.
In December 2019, Migo announced that it had closed a US$20 million Series-B round led by Brazil-focused venture capital (VC) firm Valor Capital Group.
In January Migo VP of growth Adia Sowho said that the startup aims to invest the recent US$20 million in Series-B funds in deepening access to credit in Nigeria as well as launching in Brazil.