BY TOM JACKSON
Ekechi Nwokah, chief executive officer (CEO) of Nigerian fintech startup Migo, has been accepted into the global Endeavor network, 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.
These selections usually take place at an International Selection Panel (ISP), but the meeting scheduled for March 23-25 in New York was unable to take place due to the global COVID-19 pandemic. Instead, 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.
Among those selected was Nwokah, who co-founded credit startup Migo, formerly known as Mines, in 2014. 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.