South African banking-as-a-service (BaaS) company Jumo has bagged $120m from a recent funding round co-led by Visa, Fidelity Management and Kingsway.
Established in 2015, Jumo supplies savings, lending and insurance products to entrepreneurs in emerging markets. The platform provides anyone who has a smart phone and mobile wallet with access to financial products, which are backed by AI and machine learning algorithms to improve services.
The company has claimed its platform has so far been used to make 120 million loans – totalling $3.5bn – to over 18 million people and small businesses in Uganda, Ghana, Kenya, Zambia, Tanzania, Pakistan and Côte d’Ivoire.
According to Jumo, the new funding will be put towards scaling its platform, developing its services and boosting the number of financial products on offer to SMEs, as well as offering longer term lending options for merchants and bigger businesses.
The company has also revealed it intends to use some of the financing towards expanding into new markets including Benin, Cameroon and Nigeria.
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