Nigerian Fintech start-up secures $13mn Series A to expand across Africa

Fintech start up Mines secured a 13 million-dollar Series A funding to invest in talent acquisition and expand in Africa, South America, and South-East Asia; Adia Sowho, Mines, Managing Director for Nigeria joins CNBC Africa to share more details.

Fri, 17 Aug 2018 08:20:01 GMT

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AI Generated Summary

Mines' credit-as-a-service platform allows institutions to provide financing to underserved customer bases by leveraging non-traditional data sets, revolutionizing access to credit in emerging markets.
The $13 million Series A funding will be instrumental in Mines' expansion across Africa, South America, and Southeast Asia, allowing them to reach the three billion people currently excluded from traditional credit systems.
The innovative approach of using technology to reimagine the lending process has garnered significant interest from both local and global investors, showcasing Mines' potential to disrupt the financial landscape.

Nigerian Fintech start-up Mines has recently made a significant breakthrough in the world of finance by securing a $13 million Series A funding. The funding will be crucial in expanding Mines' operations across Africa, South America, and Southeast Asia. The Managing Director for Nigeria, Adia Sowho, joined CNBC Africa for an exclusive interview to delve into the details of this game-changing development. Established in 2017, Mines offers a unique credit-as-a-service platform to institutions such as banks, retailers, mobile operators, and payment processors. The platform allows these institutions to provide financing to their customer base by leveraging non-traditional data sets. By tapping into data generated by these institutions, Mines is able to facilitate the process of issuing and servicing loans to customers that were previously underserved. Adia Sowho explained that their software enables banks to reach customers beyond their physical branch network by simply plugging into mobile distribution channels. Similarly, retailers can now extend financing at the point of sale, opening up new markets for their businesses. This new approach to credit provision has the potential to revolutionize financial inclusion and access to credit in emerging markets.