JUMO, African Fintech Startup, secures US$55 million from new and existing investors

JUMO, an African Fintech Startup building next-generation financial services for emerging market entrepreneurs, announced the successful raise of US$55 million in debt and equity funding. This will support JUMO’s expansion into new markets and the launch of new products.

The funding round introduced new investors to join existing investors such as Goldman Sachs, Odey Asset Management and Leapfrog Investments.

Andrew Watkins-Ball, JUMO’s Founder & Group CEO gave his comment on how excited he is about the new phase. He goes ahead to say "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. 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.

Founded in London, JUMO has partnered with financial service providers and mobile network operators to provide credit and savings solutions to customers.

Founded in 2014 by Andrew Watkins-Ball who currently leads the startup as CEO, JUMO specializes in social impact financial products, offering loans and saving options to those who are neglected by existing financial systems, and particularly small businesses.

JUMO leverages mobile networks to provide loans and savings products to its customers. The digital financial services company has developed a credit-scoring algorithm that helps customers to unlock the value of their digital footprints by giving an accurate estimation of their creditworthiness. 

The startup bundles products from various banks and sells it to businesses on the lookout for credit. The entire process of lending is facilitated through mobile networks, where the startup has tied up deals with a number of service providers.

Given high feature phone usage in key markets as well as customer sensitivity to data costs, JUMO offers transactional capability via basic USSD, web or app to allow seamless access and usage of the platform and products.

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