Financial services group First Ally Capital Limited has acquired a 60 percent equity interest in Mines.io Nigeria, operating as Migo, a Nigerian FinTech company specializing in AI- and machine learning-driven digital credit solutions.
In 2018, First Ally contributed to Migo's $13 million Series A funding round, led by The Rise Fund. Other participants included 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.
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The transaction, finalized after regulatory approval from the Federal Competition and Consumer Protection Commission (FCCPC) and the signing of definitive agreements, marks a new beginning for Migo, previously wholly owned by MATHESIS Analytics.
Founded in 2014, Migo offers a Credit-as-a-Service platform that enables banks, telecoms, and retailers in emerging markets to provide credit products to customers without requiring smartphones.
The acquisition allows Mathesis Analytics to focus on refining its algorithms and models, while First Ally Capital strengthens its position in Nigeria’s FinTech sector.
Aluko & Oyebode and Banwo & Ighodalo provided legal advisory in connection with the acquisition.
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