Fintech startup Jumo has raised $55 million to launch new products in Africa and Asia as well as expand into new markets.
“We’re pleased to announce the closure of another successful funding round! We’ve secured US$55 million for expansion into new markets and to launch new products in Africa and Asia,” the firm announced.
The new investment round comes from new and existing JUMO investors including Goldman Sachs, Odey Asset Management and LeapFrog Investments.
“I’m excited for 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,” says Andrew Watkins-Ball, Founder & Group CEO.
In November, JUMO announced it had reached 15 million customers across Africa and Asia. The technology company building next-generation financial services for emerging market entrepreneurs said connecting over 15 million people to credit and savings in their six markets in Africa and Asia was not a mean feat.
Andrew Watkins-Ball, Founder & Group CEO, said this milestone demonstrates JUMO’s unique ability to reach underserved entrepreneurs – over 60% of JUMO’s customers are micro, small and medium-sized enterprises (MSMEs).
“We are working to connect every entrepreneur to the financial products they need to grow and prosper,” says Watkins-Ball. “Our technology enables our partner banks and payments companies to help millions of underserved people access financial services.”
JUMO has disbursed over USD 1.6 billion in funding and is growing its base of savings products. “By empowering MSMEs, we’re also positively impacting communities, families and employees. Technology is removing barriers to financial inclusion making it possible to responsibly provide everyone with access to good financial choices,” Watkins-Ball added.
Founded in London in 2015, JUMO works with financial service providers and mobile network operators to provide credit and savings solutions in Pakistan, Ghana, Tanzania, Uganda, Kenya and Zambia. The new funding round will help it enter new markets in Asia and Africa in the coming months.
Last year, JUMO closed an equity funding round of USD$52 million led by Goldman Sachs to further its growth and expansion into new markets. Other leading investors including Proparco, the private sector financing arm of the French Development Agency (AFD), Finnfund, Vostok Emerging Finance, Gemcorp Capital, and LeapFrog Investments participated in the round. This funding round represents Goldman Sachs, Proparco and Finnfund’s maiden investments into JUMO.
The firm had also appointed new CEOs to support its expansion into new markets
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