JUMO, a financial infrastructure and product developer, has secured $52m in a funding round led by Goldman Sachs.
Participation to the round also came from Proparco and Finnfund, which like Goldman Sachs, are making their first investment to JUMO. Existing backers Vostok Emerging Finance, Gemcorp Capital, and LeapFrog Investments also made commitments
Jumo uses behavioural data from mobile devices to create a financial identity for excluded people within emerging markets. The company partners with banks and mobile money operators to provide individuals and small business owners with access to savings and credit products.
Since the company launched in 2014, it has helped more than nine million people save or borrow through the platform, of which around 70 per cent have been micro and small business owners. The company has helped originate more than $700m in loans over this period and manages more than 25 million customer interactions each month, the company said.
Through the new line of funding, the company will look to expand into new markets across Africa and Asia.
Goldman Sachs executive director Jules Frebault said, “There is immense opportunity across Africa and beyond for JUMO to build on their successful track record developing digital marketplace infrastructure to offer mobile subscribers’ access to relevant financial products. We are excited to partner with this highly capable team as they continue to leverage technology to advance financial inclusion.”
This investment puts the company’s total funding efforts to $90m. last year, JUMO picked up a $6m debt facility from Finnfund and was part of a wider $18m loan facility into the company.
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