Tuesday
September 4
2018

Nigerian fintech startup Mines plans expansion after $13m funding round

By Tom Jackson

Founded in 2014, Mines 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.

The startup runs artificial intelligence algorithms on high-volume data sets like phone, bank and payment records to predict credit risk, and integrates these credit risk models with identity, origination, payments, loan lifecycle management, and customer service to form a holistic credit platform. Leveraging their own data, its partner institutions can use the platform to extend credit to customers and open up entirely new revenue opportunities.

Photo courtesy of John Twohig.

Source: Disrupt Africa (link opens in a new window)

Categories
Finance, Investing
Tags
emerging economies, emerging markets, financial inclusion, fintech, mobile money, startups, venture capital