First Ally Capital Buys Major Shares of A Fintech Startup

First Ally Capital Limited has purchased a 60% equity position in Mines.io Nigeria, a FinTech business that uses AI and ML to offer loan solutions to underprivileged communities. The company operates under the Migo brand.

The acquisition, which represents a significant turning point for the financial services company, supports First Ally’s strategic goal of advancing the use of technology to provide financial services to a greater number of people. With its cutting-edge credit scoring and easy access to finance for both consumers and small enterprises, Migo’s platform has been instrumental in facilitating digital lending.

The transaction, according to Ebenezer Olufowose, Group Managing Director of First Ally Capital, was a natural progression of a long-standing partnership.

“We are thrilled to have reached this important milestone, which has improved our long-standing partnership with Migo. We have seen the company develop into a major force in the digital lending ecosystem as one of its early investors and strategic partners in attaining product/market fit. Our dedication to innovation and extending financial inclusion via responsible technology is strengthened by this purchase.

Winston Osuchukwu, CEO of Mathesis Analytics, which once held a 100% equity share in Migo Nigeria, also added the following in his commentary:

“Migo Nigeria and Mathesis Analytics are embarking on an exciting new chapter with their relationship with First Ally. The Group provides the underserved Nigerian market segment with a robust institutional platform and in-depth market knowledge. Additionally, the deal will allow Mathesis Analytics to concentrate on further refining our models and algorithms. We have no doubt that clients and partners nationwide will greatly benefit from this partnership.

First Ally Capital’s headquarters, located on Ajose Adeogun Street in Victoria Island, Lagos, hosted the signing event. After final agreements were signed and the Federal Competition & Consumer Protection Commission (FCCPC) gave its approval, the deal was finalised.

Migo will remain a stand-alone business under the First Ally Group.