Jumo, a South Africa-based fintech that is seeking to build next-generation financial services for emerging market entrepreneurs, announced earlier this week it raised $55 million in debt and equity funding to support its expansion into new markets and the launch of new products.
Founded in 2014, Jumo states it partners with banks, MNOs, and other e-commerce players to deliver “progressive financial choices” to customers in emerging markets across both Africa and Asia.
“At JUMO we connect people to opportunities. Two billion people worldwide have limited access to formal financial services such as borrowing and saving. We’ve built a large-scale, multi-sided technology platform and designed progressive financial choices to reach them. We use their digital footprint to create a financial identity using only behavioural data.”
Speaking about the investment round, Andrew Watkins-Ball, JUMO’s Founder and Group CEO, shared his excitement about the funding and the future of the company.
“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.”
Jumo then added that the funding round introduced new investors to join existing investors, which includes Goldman Sachs, Odey Asset Management and Leapfrog Investments.