• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

Kwikmoney changes name again, raises $20 million in series B funding 

Fakoyejo Olalekan by Fakoyejo Olalekan
December 3, 2019
in Business News, Small Business
Kwikmoney changes name again, raises $20 million in series B funding 
Share on FacebookShare on TwitterShare on Linkedin

Credit start-up, Kwikmoney has changed its name for the second time as it makes inroads into the international markets. The change in direction and brand outlook is coming after the company raised $20 million from existing and new investors.

Kwikmoney rebranded into Migo to portray itself as a global company. The company has expanded its cloud-based service into the Brazilian market. Nairametrics was informed that the change in the company’s name would better position it in the international market and make it more globally acceptable in its quest to double its market presence.

No takeover: The company was initially known as Kwikcash before it changed to Kwikmoney. Nairametrics learnt that the change wasn’t consequent upon a takeover but it was carried out in order to create a brand that could work well in any market in the world.

RelatedStories

Investment One drives financial literacy at Finxperience 2.0  

Investment One drives financial literacy at Finxperience 2.0  

May 29, 2025
Aisha Rimi, NIPC

NIPC, Nairametrics partner on publishing investment signals, investor intentions in Nigeria

May 26, 2025

Kwikmoney changes name again, raises $20 million in series B funding 

Reason for the $20 million funding: Migo opted for new capital infusion in order to increase its workforce and support operations in Nigeria as well as Brazil where it has seen growth potential. The $20 million funding was led by a Brazil-focused venture capital firm, Valor Capital Group; existing investors; The Rise Fund (managed by TPG Growth), and Velocity Capital. The funding round was also joined by new investors, Africinvest and Cathay Innovation.

Apart from the capital infusion, Valor Capital’s Antoine Colaco also joined the Migo Board of Directors. Speaking on the essence of Migo, Colaco said, “Migo combines world-class technology with a deep understanding of the needs of consumers and small businesses in emerging markets. We are excited to partner with them in Brazil and beyond.”

[READ MORE: Fast loan: Carbon, Page, Okash, other start-up fintechs wrestle banks]

Why this matters: With the $20 million dedicated to improving Migo’s growth in Nigeria, the company would acquire talents to achieve this growth. This will result in reduction of unemployment which the Nigeria Employers’ Consultative Association (NECA) projected to rise to 33.5% next year from the current rate pegged at 23.1% in 2020.

Speaking on the growth of Migo, the Chief Executive Officer, Ekechi Nwokah said, “Our mission is to drive commerce around the world by injecting liquidity into the last-mile retail sector,” adding that, “We believe the best way to achieve this goal is to build digital infrastructure to empower local enterprises that already serve millions of consumers and small businesses.”

What you need to know: Migo is a cloud-based platform that enables companies to offer credit to their customers, augmenting traditional bank and payment card infrastructure. Companies like banks, telecommunications operators and merchants 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 serves underbanked customers who are not typically covered by credit bureaus, having underwritten more than seven million of these customers to date. An estimated 90 million adults in Nigeria and 100 million adults in Brazil have no access to credit, and this is a massive area of untapped growth for emerging market banking ecosystems.


Follow us for Breaking News and Market Intelligence.
Tags: AfricinvestAntoine ColacoCathay InnovationEkechi NwokahFinancial LiteracyKwikcashKwikmoneyMigoNairametricsOn the MoneyStartupsThe Rise FundValor Capital Group
Fakoyejo Olalekan

Fakoyejo Olalekan

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: fakoyejo.olalekan@nairametrics.com.

Related Posts

Investment One drives financial literacy at Finxperience 2.0  
Companies

Investment One drives financial literacy at Finxperience 2.0  

May 29, 2025
Aisha Rimi, NIPC
Companies

NIPC, Nairametrics partner on publishing investment signals, investor intentions in Nigeria

May 26, 2025
Financial Responsibility 101: Factors That Shape How We Handle Money | Money Maketh Man
Digital Media

Financial Responsibility 101: Factors That Shape How We Handle Money | Money Maketh Man

February 17, 2025
Why The Naira Is Gaining Against The Dollar.
Digital Media

Why Does My Money Feel Smaller Everyday? Understanding Nigerian Inflation

November 30, 2024
Nairametrics to hold webinar on Nigeria’s Economic Outlook 2025 
Business

Nairametrics to hold webinar on Nigeria’s Economic Outlook 2025 

November 27, 2024
Nairametrics launches dividend tracker to Advance Investor Advocacy and Financial Inclusion 
Companies

Nairametrics launches dividend tracker to Advance Investor Advocacy and Financial Inclusion 

November 20, 2024
Next Post
Top 10 Nigerian banks by Account Maintenance Income

Banking sector NPLs down, loans up

Comments 1

  1. Enina lambert says:
    December 24, 2020 at 3:02 pm

    Nice article was really of great help

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • Crypto regulations in Nigeria; these businesses may not survive 
  • PIA 2021 attracts $16 billion in investments, boosts oil production — Reps Deputy Speaker 
  • Meta cracks down on Facebook content fraud, deletes 500,000 accounts in half-year 2025 

Follow us on social media:

Recent News

SEC warns Nigerians against investing in Risevest and Stecs  

Crypto regulations in Nigeria; these businesses may not survive 

July 15, 2025
PIA 2021 attracts $16 billion in investments, boosts oil production — Reps Deputy Speaker 

PIA 2021 attracts $16 billion in investments, boosts oil production — Reps Deputy Speaker 

July 15, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics