Mines Raises $13M in Series A Funding

Emerging markets credit score startup Mines.io has closed a $13 million Series A led by The Rise Fund, the worldwide affect fund fashioned by non-public fairness large TPG, and 10 others, together with Velocity Capital. Mines gives enterprise to client (B2C) “credit-as-a-service” merchandise to massive corporations.

“We’re a expertise firm that facilitates native establishments — banks, cell operators, retailers — to supply credit score to their prospects,” Mines CEO and co-founder Ekechi Nwokah informed.

Most of Mines’ partnerships entail white-label lending merchandise supplied on cellphones, together with non-smart USSD units. With workplaces in San Mateo and Lagos, Mines makes use of big-data (extracted primarily from cell customers) and proprietary danger algorithms “to allow lending choices,” Nwokah defined.

“We mix a robust AI expertise with full…deployment providers — disbursement…collections, funds, mortgage administration, and regulatory — wrap it up in a field, give it to our companions after which assist them run it,” he mentioned.

Mines’ typical shopper is a firm “that has a massive buyer base and needs to avail credit score to that buyer base,” in keeping with Nwokah. The startup generates income from charges and income share with companions.

Mines began operations in Nigeria and counts cost processor Interswitch and cell operator Airtel as present companions. In addition to expertise acquisition, the startup plans to make use of the Series A to increase its credit-as-a-service merchandise into new markets in South America and Southeast Asia “in the following few months,” in keeping with its CEO.

Mines sees itself as a “hardcore expertise firm based mostly in Silicon Valley with a world view,” in keeping with Nwokah. “At the identical time, we’re very African,” he mentioned.

Mines views itself as totally different from the U.S.’s controversial payday lenders by serving totally different client wants. “If you reside in a nation the place your wage isn’t assured each month, the place you don’t have a bank card…the place it’s important to pay upfront money for nearly the whole lot you do, you want money,” he mentioned

The commonest mortgage profile for one among Mines’ companions is $30 at 15 p.c flat for a couple of weeks.

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