South African fintech Jumo raises $55m to fuel geographic expansion
South African fintech Jumo has secured $55 million in debt and equity funding in a round involving Goldman Sachs, Odey Asset Management and Leapfrog Investments.
Founded in London in 2015 but now based in Cape Town, Jumo partners with financial services and telecoms firms to offer lending, savings and insurance to what it sees as an underserved or unserved user base.
Jumo has operations in five African countries – Ghana, Uganda, Kenya, Tanzania, and Zambia – where it has originated more than $1.8 billion in loans and accrued more than 15 million customers.
It will use the latest funding round to support an expansion into Cote d’Ivoire and India later this year.
“This backing will help us build a better business and break new ground,” says Andrew Watkins-Ball, Jumo founder and CEO.
“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 latest round is Jumo’s ninth and brings its total funding to just under $150 million. It received a similarly sized financial backing in 2018, when Goldman Sachs led a venture round worth $52 million