JUMO, a startup building financial services for emerging market entrepreneurs, has bagged $55m as it looks to move into more markets.
The new equity will be used to support the company’s expansion into new markets and the launch of new products. Jumo is looking to release its solution in Nigeria, Côte d’Ivoire and India later this year.
Previous JUMO backers Goldman Sachs, Odey Asset Management and Leapfrog Investments contributed to the round.
JUMO supplies savings, lending and insurance products to entrepreneurs in emerging markets. The platform provides anyone with a smart phone and mobile wallet with access to financial products, which are backed by AI and machine learning algorithms to improve services.
The platform is currently used in Ghana, Uganda, Kenya, Tanzania, Zambia and Pakistan, and has disbursed more than $1.8bn since it was founded in 2015.
JUMO founder CEO Andrew Watkins-Ball said, “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.”
The FinTech bagged $52m, in a funding round back in 2018 from investors including Goldman Sachs, Proparco and Finnfund.
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