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JUMO eyes further African expansion after $55m funding

Staff Writer
By Staff Writer, ITWeb
Johannesburg, 26 Feb 2020
Andrew Watkins-Ball, founder and group CEO of JUMO.
Andrew Watkins-Ball, founder and group CEO of JUMO.

African fintech company JUMO has raised $55 million in debt and equity funding from undisclosed new and existing investors.

Founded in London in 2015, JUMO has developed a full technology stack for building and running financial services.

The firm has partnered with financial service providers and mobile network operators to provide financial solutions to customers, including savings, lending and insurance products, allowing anyone with a cellphone access to financial services.

The Cape Town-based company operates in six markets: Ghana, Kenya, Pakistan, Tanzania, Uganda and Zambia, with a presence in various parts of the globe.

After the funding, JUMO says it is now set for further expansion to Nigeria, Côte d'Ivoire and India this year, as well as further development of its platform to provide new services to small and medium enterprises.

“I’m excited for our next phase,” comments Andrew Watkins-Ball, founder and group CEO of JUMO.

“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.”

JUMO has raised more than $91 million over eight rounds, since inception.

In 2018, the start-up landed two funding deals of $52 million led by Goldman Sachs and a further $12.5 million in an investment from UK-based Odey Asset Management.

The latest funding round introduced new investors to join existing investors, notes the company.

It says since inception, it has served over 15 million customers across six markets and has disbursed over $1.8 billion.

Last year, JUMO appointed Buhle Goslar and Ashish Desai as Africa CEO and India CEO respectively, as part of an organisational structure to support its expansion plans into new markets in Africa and Asia.

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