San Francisco based cloud lending platform in Africa and Latin America has raised $20m in the first closing of a Series B round led by Valor Capital Group. The funding brings Migo’s total raised to about $35m.
“We’ve built and designed a full stack of technology and partnered with enterprises to help them provide loans, usually within 2-3 minutes, to customers that they could not normally provide loans to,” Bergmann told me. “We’re not trying to be disruptive. We’re working with local partners and unlike others that have an app who are only accessing people that can afford to have a smartphone, we are trying to reach a broader market.”