GRTech
[Breaking] Credit platform Migo raises $20 Million Series B
Migo (formerly Mines.io), a startup reinventing the way people access and use credit in emerging markets, has completed a Series B equity round of $20 million led by Valor Capital Group, a Brazil-focused venture capital firm.
Existing investors, The Rise Fund (managed by TPG Growth) and Velocity Capital, also joined the funding round along with new investors, Africinvest and Cathay Innovation. This financing will support talent acquisition and Migo’s launch into the Brazilian market, as well as its continued growth in Nigeria.
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.
“Our mission is to drive commerce around the world by injecting liquidity into the last-mile retail sector,” explains Migo CEO, Ekechi Nwokah. “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.”
Migo offers a simple API so its partners can offer co-branded credit services in their own apps and websites, increasing customer engagement and serving customer segments they were not previously able to serve. Migo is particularly attractive for merchants and payment gateways since it can grow merchant revenue due to increased customer purchasing power and transaction completion rate.
As part of the financing, Antoine Colaco from Valor Capital has joined the Migo Board of Directors. “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,” Colaco said.
Migo enables some of the largest retail enterprises in Africa—from mobile operators like 9mobile and MTN to payment companies Interswitch and Flutterwave to banks like Bank of Industry and Fidelity Bank. Migo is now expanding to Brazil and partnering with some of the largest retail enterprises in Latin America. “The typical Silicon Valley approach of move-fast-and-break-things doesn’t work well in emerging markets. To create durable solutions, it is important to combine the audacity of cutting-edge technology with humility to the nuances of local markets” says VP of Growth, Adia Sowho.
Migo started out as a research project on high-performance artificial intelligence led by Migo Chief Scientist, Kunle Olukotun, a professor of computer engineering at Stanford University. This project came to life after a chance meeting between Olukotun and Nwokah, a computer scientist working on big data projects at Amazon Web Services. Following their meeting, the pair teamed up to direct the technology toward solving credit in emerging markets. This big data approach is one of the company’s key advantages, as it aggregates massive amounts of data across all of its partners to improve population coverage and credit decisions over time.
With Black Friday and Cyber Monday around the corner, we’re entering a high-risk period for cybersecurity.
A recent Sophos report highlights that malicious emails were the second most common root cause of ransomware attacks in critical sectors, responsible for 25% of cases.
During peak shopping days, this threat intensifies.
Here’s what happens: with the surge in online deals, more employees may be shopping from their work computers, feeling that Cyber Monday is a legitimate time to do so.
This increases the risk of them clicking more freely and potentially exposing the organization to malicious links or phishing attacks.
To keep your organization safe, encourage your team to follow these simple tips:
• Use an ad blocker – Advertisements are not only tracking your every movement and collecting enough information on your habits to make the FBI blush, but they are also a major source of malicious links and deceptive content on the internet. Not only is your browsing safer, but also faster and uses less bandwidth. Two of our favorites are uBlock Origin and Ghostery.
• Use private browsing or incognito mode – To prevent your shopping habits and interests from following you around from site to site (and potentially revealing what gifts you might be purchasing to others using your device, bonus!), you should enable private browsing (Firefox) or incognito mode (Chrome). This will block tracking cookies and help the internet forget your travels as the waves wash away your footprints in the sand.
• Make your browser “privacy smart” – The Electronic Frontier Foundation (EFF) provides a browser extension called Privacy Badger designed to automatically make all the right choices around browsing whilst maintaining our privacy and blocking invisible trackers.
• Avoid using one account on multiple services – When logging into an e-commerce site it is often tempting to use the “Sign in with Facebook” or “Sign in with Google” button. While it takes a few more minutes to create a new login, it will provide more privacy as you are not sharing all of the sites you shop at with these tech giants.
• Use guest login when available – In addition to letting you use an account from other websites, many have an option to use a guest login rather than creating a new account. This is a great option if you don’t expect to need technical support or to do business on a recurring basis. Fewer passwords, fewer personal details, fewer problems if they get hacked.
• Don’t save card details – Many e-commerce sites will default to storing your credit card information in your profile for your “convenience” (or their hope you’ll shop there again). They can’t lose what they don’t have, so tell them not to store your credit card unless it is absolutely necessary.
• Use temporary card numbers – Many financial institutions now offer temporary or one-time use credit card numbers. You can open the app on your phone or in your browser and get a single-use disposable credit card number preventing card fraud and tracking when merchants share card processors. Sometimes you’re even able to specify a card limit per temporary number to further protect your account.
• Use credit, not debit – All of us need to be wary of overspending during the holidays, but it is best to leave the debit card at home. Credit cards offer significantly more protection against online fraud, and you are in the power position in a dispute. You can simply not pay your bill while disputing the charge, rather than having criminals directly drain your bank account of your hard-earned cash.
• Beware of direct messages via social media/chat apps – With modern generative AI technology it is almost trivial to create an entire fake online store and lure people to share their personal information and payment data with you. It’s safest to shop at established sites or those personally recommended to you by friends and family. Many unsolicited messages lead to data collection or theft.
• Don’t click deals in email that look too good to be true or are from businesses you don’t have accounts from – these could be phishing emails hoping to bait you into clicking links to bogus, malicious web sites.
This season, small steps can make a big difference in protecting against cyber threats.
GRTech
It’s Cybersecurity Awareness Month and Sophos has Some Tips for You!
In the mood of Cybersecurity Awareness Month, Christopher Budd, Director Sophos X-Ops, has compiled some tips for staying secure online.
Cybersecurity Pro Tips:
- Face Scans and Fingerprints are Safer Than Passcodes: Use features like Face ID or fingerprint scans for your devices as much as possible. These are safer than passcodes and devices have good built-in protections for this sensitive information.
- Use Multi-Factor Authentication: Use multi-factor authentication (MFA) whenever possible. This gives an important extra layer of security that makes it harder for cybercriminals to access your accounts. If you can’t use something more secure like secure authenticator applications or physical hardware security keys, use your phone number — it’s safer than using nothing. If you use MFA for only one thing, use it for your email: that’s what attackers want the most.
- Think Before You Share Publicly: Think twice before sharing any information publicly –cybercriminals can use it to access your accounts or to convince someone that they’re you.
- Think about those cute surveys on Facebook with questions about your first car, city you were born in: these are the same kinds of info cybercriminals can use to pretend they’re you and log into and take over your accounts.
- You Don’t Always Need (to keep) the App: Don’t feel pressured to download an app every time: you can often use the service’s website just as well. Apps collect much more data than websites, including your location, your contact list and other info you might not want to share.If you do download an app, think about deleting it when you’re done using it: you can always reinstall it next time you need it.
- Apps from app stores and websites that aren’t the official big names ones like Google Play, Apple’s App Store, Samsung’s Galaxy Store can be very risky. The official stores have security and privacy standards that can identify malicious activity. Always stick to official sources for downloading apps or, if they’re not on the official app stores, download the app from the developer’s official website or use the app’s web version.
- Be On Your Guard for Unexpected Emails and Text Messages: Phishing continues to be one of the most effective tactics cybercriminals use to compromise consumers. If you get an unexpected email or text message, ignore it or at least don’t interact with it (don’t open attachments, don’t click on links). If you think it might be legitimate, reach out directly to who you think sent it and check with them.
- Question Urgency in Emails and Calls: Cybercriminals use urgency to get you to let your guard down and make bad decisions. If someone contacts you saying they’re from a trusted organization like the IRS, police or your bank and need you to take action quickly or something bad will happen, stop and question it. Go to the trusted source like the number on the back of your credit card to independently validate the request.
- Practice Good Password Security: Every account should have its own unique complex password. A strong password is at least 12 characters long with a mix of numbers, upper- and lower-case letters, and punctuation characters. Passwords should not be based on any personal information, and the best ones use a phrase rather than single words. If these passwords are too tough to juggle, try a password manager to stay organized.
- Keep Everything Updated and Run Security Tools. Make sure all your apps and devices are always fully updated. Be sure to have some sort of security software on all of your phones and computers (even if you have a Mac).
- Get Rid of End-of-Life Devices and Software: Everything from operating systems to services to Wi-Fi routers “go stale” and must be replaced eventually. For example, it might surprise you, but your internet router is typically only supported with patches and updates for a few years after you get it. Attackers love out-of-date devices. When something is “out of support” it’s stale: get rid of it and replace it with something fresh.
- Back Up Your Data: While ransomware groups are mostly after businesses that can pay higher ransoms, they still go after people at home. It’s still important to have your data backed up so that you don’t have to consider paying a ransom.
Put Your Mind at Ease Regarding These Cybersecurity Concerns
Part of staying secure requires being able to filter out the noise and prioritize the security actions that matter. Here are things notto worry about. Focus your energy on real risks, not exaggerated threats.
- Public Wi-Fi is Safer Than You Think: Contrary to outdated advice, public Wi-Fi is generally safe due to encryption used by most websites and apps. Use it freely at airports or coffee shops, but avoid sensitive activities.
- Beware of Fearmongering Around New Tech Features: Not every new technology is as risky as it’s made out to be. For example, Apple’s NameDrop feature is generally safe and requires specific conditions to function. However, if you’re concerned, you can easily turn it off in settings.
Stop Stressing Over Public Chargers: The risk of “juice jacking” (data theft from public chargers) is extremely low. Don’t worry about using public phone chargers — just focus on real, more prevalent threats.
eSocialMint Inc., a tech startup based in Houston, is hoping to revolutionize social and professional events with its innovative new app.
Scheduled for launch in Nigeria at the end of the year, eSocialMint (eSM) offers a comprehensive platform that integrates features from popular apps like Facebook, TikTok, Zoom, WhatsApp, and Snapchat.
Designed to transform how events are conducted and experienced, eSM combines social media technology with advanced features such as virtual hologram technology.
Developed by IT architect Fisayo Olamigoke, eSM is available on both web and mobile devices. It offers a range of functionalities, including team events, social events, advertising, an eStore, and the unique “eSprayMe” feature.
This feature allows users to virtually spray money at events, replicating a popular Nigerian cultural practice while adhering to legal regulations.
Targeted at professionals, personal users, public institutions, and governmental bodies, eSM aims to save time and money by reducing the need for physical travel. With its cutting-edge technology and user-friendly interface, eSocialMint is poised to redefine the future of virtual interactions.
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