Published by Gbaf News
Posted on August 21, 2018
7 min readLast updated: January 21, 2026
The Rise Fund Leads Round As Startup Expands Markets
Mines, a fintech startup re-inventing credit in emerging markets, has closed a Series A round of $13M 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 talent acquisition, continued growth in Africa, and expansion to South America and South-East Asia.
Mines provides aCredit-as-a-Service digital platform that enables institutions in emerging markets to offer credit products to their customers; no smartphone is required. Leveraging their own data sets, domestic institutions are able to serve loans to customers ignored by available credit systems and open up entirely new revenue opportunities.
“There are more than 3 billion adults globally without access to credit. Our vision is that every one of them will have instant access to credit in the next 10 years.” explains EkechiNwokah, Mines CEO. “We believe the best way to realize this vision is to partner with banks, retailers and mobile operators and power digital credit products tailored to their markets so they can create the customers of tomorrow, today.”
By mining high-volume data like phone records, bank records, and payment transactions in real-time, Mines can instantly 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 to form a holistic platform. The net result is a seamless user experience where partners’ customers can apply for and receive a loan in less than 60 seconds or make instant purchases with virtual or physical credit cards.
MINES Executives l-r Adia Sowho, Ekechi Nwokah, Kunle Olukotun LR
The company has hardened its proprietary technology in Nigeria where it has been used by over 1 million customers since launching in 2017. It is now the leading provider of consumer credit in the country, counting mobile operators 9mobileandAirtel, payment processors Interswitch and NIBSS, along with several banks amongst its partners. “What we have done differently is take Silicon Valley technology and built it into a product that is robust enough for emerging markets like Nigeria, Brazil, or Indonesia”, says Chief Scientist Kunle Olukotun. “We can extend credit to all types of customers, including customers without smartphones or even bank accounts as these are the people who need credit the most.”
As part of the financing, Yemi Lalude from TPG Growth and Willem Willemstein from Velocity Capital have joined Mines’ Board of Directors. Lalude says, “Mines combines world-class artificial intelligence and extensive use of data with a strong focus on local partnerships to build financial inclusion. We are excited to partner with them to drive financial access across the world.”
Mines started out as a research project on high performance artificial intelligence led by Olukotun, a professor of computer engineering at Stanford University. It came to life after a chance meeting with Nwokah, a computer scientist working on big data projects at Amazon Web Services, after which they teamed up to direct the technology towards solving the grand challenge of financial access. Both founders grew up in Africa and understand the challenges facing technology companies trying to solve problems in emerging markets without a deep respect for the complexities of local culture, knowing they need to take a different approach. They have been joined by VP Commercial AdiaSowho, who has successfully scaled several digital financial services at one of Nigeria’s largest mobile operators, to grow the business.
The Rise Fund Leads Round As Startup Expands Markets
Mines, a fintech startup re-inventing credit in emerging markets, has closed a Series A round of $13M 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 talent acquisition, continued growth in Africa, and expansion to South America and South-East Asia.
Mines provides aCredit-as-a-Service digital platform that enables institutions in emerging markets to offer credit products to their customers; no smartphone is required. Leveraging their own data sets, domestic institutions are able to serve loans to customers ignored by available credit systems and open up entirely new revenue opportunities.
“There are more than 3 billion adults globally without access to credit. Our vision is that every one of them will have instant access to credit in the next 10 years.” explains EkechiNwokah, Mines CEO. “We believe the best way to realize this vision is to partner with banks, retailers and mobile operators and power digital credit products tailored to their markets so they can create the customers of tomorrow, today.”
By mining high-volume data like phone records, bank records, and payment transactions in real-time, Mines can instantly 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 to form a holistic platform. The net result is a seamless user experience where partners’ customers can apply for and receive a loan in less than 60 seconds or make instant purchases with virtual or physical credit cards.
MINES Executives l-r Adia Sowho, Ekechi Nwokah, Kunle Olukotun LR
The company has hardened its proprietary technology in Nigeria where it has been used by over 1 million customers since launching in 2017. It is now the leading provider of consumer credit in the country, counting mobile operators 9mobileandAirtel, payment processors Interswitch and NIBSS, along with several banks amongst its partners. “What we have done differently is take Silicon Valley technology and built it into a product that is robust enough for emerging markets like Nigeria, Brazil, or Indonesia”, says Chief Scientist Kunle Olukotun. “We can extend credit to all types of customers, including customers without smartphones or even bank accounts as these are the people who need credit the most.”
As part of the financing, Yemi Lalude from TPG Growth and Willem Willemstein from Velocity Capital have joined Mines’ Board of Directors. Lalude says, “Mines combines world-class artificial intelligence and extensive use of data with a strong focus on local partnerships to build financial inclusion. We are excited to partner with them to drive financial access across the world.”
Mines started out as a research project on high performance artificial intelligence led by Olukotun, a professor of computer engineering at Stanford University. It came to life after a chance meeting with Nwokah, a computer scientist working on big data projects at Amazon Web Services, after which they teamed up to direct the technology towards solving the grand challenge of financial access. Both founders grew up in Africa and understand the challenges facing technology companies trying to solve problems in emerging markets without a deep respect for the complexities of local culture, knowing they need to take a different approach. They have been joined by VP Commercial AdiaSowho, who has successfully scaled several digital financial services at one of Nigeria’s largest mobile operators, to grow the business.
Explore more articles in the Top Stories category
