Fintech startups are on everyone’s radar these days. These companies offer innovation and new business models previously deemed impossible in the finance industry. Mines, a company focusing on reinventing credit in emerging markets. secures $13m in funding to build out its infrastructure. Another positive sign for the industry as a whole.
Mines is one of those fintech startups people will pay attention to. Their Credit-as-a-Service digital platform can be a great tool for financial institutions. Being able to offer credit products to clients in emerging markets is always an appealing business model. Unlike some other solutions, Mines’ service does not require clients to use a smartphone.
Credit-as-a-Service Pays off for Mines
Tapping into the unbanked demographic is direly needed in 2018. Mines is convinced there is a big market still ignored by traditional credit systems. Exploring options in this regard can lead to new revenue models altogether. The firm uses high-volume data to assess a client’s credit risk. An innovative spin on a long-standing business model.
Mines CEO Ekechi Nwokah adds:
“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. 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.”
Mines is mainly active in Nigeria, where it serves over 1 million customers. Thanks to strong partnerships with banks, mobile operators, and payment processors, the company continues to grow. The emerging markets should never be overlooked. Unlike traditional firms, fintech startups are willing to take a gamble in this regard. So far, the venture is paying off, and investors are taking notice of this company.