Jumia has reported Q3 revenue of $44.2 million versus $37.1 million it reported last year.
The Amazon of Africa report further revealed that it now has 5.5 million active customers, up from 3.5 million a year ago and 4.8 million in Q2 2019. It added 636,000 new customers during the last quarter.
Jumia’s revenue during the last quarter was $44.2 million, up from $37.1 million for the same period in 2018. So far in 2019, the company has made $122.3 million in revenue.
According to the Q3 report, JumiaPay which is the platform for processing payment saw the biggest growth. The total Payment Volume (“TPV”) reached €32 million in the third quarter of 2019, up 95% from the same period last year.
Meanwhile, the number of JumiaPay Transactions reached 2.1 million, up 262% from the same period last year, demonstrating robust traction of digital payments on our platform. In the third quarter of 2019, approximately 31% of Orders at Group level were settled via JumiaPay compared to 16% a year ago, demonstrating our ability to leverage the marketplace flywheel to drive the adoption of JumiaPay.
Despite this, Jumia is still losing money. Its operating loss stood at $55 million, which is higher than the $45 million it recorded in the same quarter in 2018.
“We are making significant progress in the usage and relevance of our platform for consumers and sellers and are firmly positioning Jumia as the digital destination of choice for everyday needs in Africa.
“In parallel, we continue to make great strides in our payment and fintech business with JumiaPay showing very strong growth momentum on both volume and transaction metrics,” commented Sacha Poignonnec and Jeremy Hodara, Co-Chief Executive Officers of Jumia.
“Our financial strategy seeks to balance growth, JumiaPay development, monetization and cost efficiencies. We manage this equation on a dynamic basis and are now placing even greater emphasis on cash discipline and efficiency.
“Our growth strategy favors business verticals and product categories that drive adoption, repeat purchase and usage. On the cost efficiency front, we continuously seek to optimize our portfolio of assets and geographies to ensure efficient capital allocation.
“We are confident this strategy will enhance our focus on our core assets and contribute to building a healthy foundation for the long-term growth and success of Jumia.”