Fintech Startup, JUMO Raises $55m in Funding Round to Expand its Savings and Loan Facilities Across Africa and Asia
Digital financial services company, JUMO, has raised $55m in a new round of funding to aid the expansion of its services to other markets. The funding round had participation from both new and existing investors which include, Goldman Sachs, Odey Asset Management, and LeapFrog Investments.
This latest funding round brings the startup’s total funding to date to about $146.7 million, having raised $91.7m previously. This funding is also the startup’s biggest funding to date, edging the $52m raised in 2018. This makes it one of the most funded startups on the continent.
Founded in 2014 by Andrew Watkins-Ball, JUMO is a financial technology platform operating inclusive mobile financial services in emerging markets across Africa. The startup provides loans and savings options to the financially excluded and SMEs.
JUMO leverages mobile networks like MTN, Airtel, Telenor, and Tigo to provide loans and savings products from various blanks like the Barclays Africa Group, Letshego Bank, and Telenor Microfinance Bank to its customers.
For these customers, their creditworthiness is determined by a credit-scoring algorithm. And its services are available across all mobile platforms, basic USSD. Its web and app also allow seamless access and usage by all.
And so far, JUMO claims to have disbursed over $1 billion in loan to its customers across the 10 countries it operates in across Africa and Asia.
With this new funding, JUMO plans to expand into new markets and launch new products in Africa and Asia. Already the startup has expanded into Asia via Pakistan, where it has no less than 10 million people saving or borrowing from its platform.
“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.”Andrew Watkins-Ball, CEO, JUMO.
This is a continuation of the trend that sees African fintech startups raising more funds than other tech spaces on the continent. Already, Nigerian fintech startup, Flutterwave has raised $35m this year to expand its developer team.
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