Nigeria-based digital credit platform Mines 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 hiring staff, growth in Africa, and expansion to South America and South East Asia. “There are more than three billion adults globally without access to credit. Our vision is that every one of them will have instant access to credit in the next ten years,” explains Ekechi Nwokah, Mines CEO.
Nwokah adds: “We believe the best way to realise this vision is to partner with banks, retailers and mobile operators and power digital credit products tailored to their markets.”
According to Mines, it 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.
The name Mines becomes apparent when the firm says by mining high-volume data like phone records, bank records, and payment transactions in real-time, it can 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. Mines adds that its partners’ customers can then apply for and receive a loan in less than 60 seconds or make purchases with virtual or physical credit cards.
The company has “hardened” its proprietary technology in Nigeria where it has been used by over one million customers since launching in 2017.
Some of its partners include mobile operators 9mobile and Airtel, payment processors Interswitch and NIBSS, along with several unnamed banks.
Founded in 2014, the firm has offices in San Mateo, California and Lagos, Nigeria.