Californian FinTech Migo bags $20m in new Series B round to tap into Latin American markets

San Francisco-headquartered FinTech Migo has announced that it has raised $20m in a new funding round.

Valor Capital Group, a venture capital firm, led the first closing of Migo’s Series B round.

Other investors included VC firms TPG Growth and Velocity Capital.

Migo, which has developed a cloud-based lending platform, also plans to raise between $10m and $15m from a strategic corporate investor, according to Crunchbase.

It plans to use the money to expand into the Brazilian market.

As Fintech Global has reported in the past, Latin America’s FinTech ecosystem is on the rise, highlighted by the fact it has raised $3.7bn between 2014 and the first half of 2019.

Of those deals, Brazil has been dominating the deal activity, having attracted 45% of all investments during that period.

Looking closer at Brazil, it seems as if the nation is going to keep being at the forefront of FinTech investment.

Since 2014 to the third quarter of 2019, the nation’s FinTech companies have raised $2.6bn, $1.43bn were injected into the sector in the first nine months of this year alone, according to FinTech Global’s data.

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