Emerging markets credit startup Mines.io has raised $13m in Series A funding to support its growth strategy and expansion in new markets.

Led by The Rise Fund, a global fund formed by private equity company TPG, the funding round was joined by more than ten firms including Velocity Capital.

Operating as a credit-as-a-service digital platform, Mines allows the business entities in emerging markets to provide credit services to their customers.

With no need of smartphones, the credit institutions can offer loans to the customers who did not receive from conventional credit systems.

Mines.io intends to utilise the new funding to acquire new talent and support its growth in Africa. It also intends to use funds to foray into new markets such as South America and South-East Asia.

Mines CEO Ekechi Nwokah said: “There are more than three 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.

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“We believe the best way to realise 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.”

The company utilises various information including phone records, bank statements and transactions to assess credit risks.

Subsequently, the risk models are integrated with identity, origination, loan lifecycle management and customer services to develop a platform.

The whole process is designed to enable the credit applicant to apply and receive a loan in 60 seconds.

Following the funding round, TPG Growth’s Yemi Lalude and Velocity Capital’s Willem Willemstein have joined Mines’ directorial board.