JUMO, a South African fintech startup has raised US$55 million in debt and equity funding to accelerate the startup’s expansion into Nigeria and other markets.
The funding round introduced new investors to join existing investors such as Goldman Sachs, Odey Asset Management and Leapfrog Investments.
Andrew Watkins-Ball, JUMO CEO said: “I’m excited about our next phase. This backing will help us build a better business and break new ground. The strong vote of confidence, along with the world-class tech talent we now have in the business, means we can achieve exceptional outcomes for our partners and customers.”
In November last year, JUMO announced having served over 15 million customers across six markets in Ghana, Uganda, Kenya, Tanzania, Zambia, and Pakistan.
We’re pleased to announce the closure of another successful funding round! We’ve secured US$55 million from a diverse group of investors to support our expansion into new markets and the launch of new financial products. #JUMOinAfrica #JUMOinAsia pic.twitter.com/itndyyrTo6
— JUMO (@JUMO_WORLD) February 25, 2020
The company, which plans to enter Nigeria, Côte d’Ivoire and India this year, has disbursed over US$1.8 billion since its founding in 2015.
This new funding raised by the South African fintech startup brings the total funding or investment raised by the South African startup to over $110 million.
Founded in London in 2014, JUMO is the largest and fastest-growing technology platform for operating inclusive mobile financial services marketplaces in emerging markets. JUMO partners with forward-thinking banks and mobile network operators to connect consumers and small businesses with financial opportunity.
JUMO combines data and technology to deliver products designed to reach and fit 80% of the world’s population that are un(der)served by traditional financial services.