JUMO raises US$120m in latest funding round
Fintech firm JUMO has secured US$120-million from new and existing investors. The round is led by Fidelity Management & Research Company, LLC, and represents their first investment in emerging markets Fintech.
JUMO said the funds will support the scaling of its platform capacity, and support its international expansion in new markets such as Cameroon and Nigeria.
According to the company, the platform has been used to make 120 million loans, totalling US$3.5-billion, to more than 18 million people and small businesses in Côte d'Ivoire, Ghana, Kenya, Pakistan, Tanzania, Uganda, and Zambia.
Integrating with eMoney operators has allowed JUMO rapid scalability and exceptional segment reach. This is a model the company can replicate with payments providers anywhere in the world.
JUMO has the opportunity to disburse US$29-billion a year, according to the current number of eMoney subscribers on its platform with access to loans. In 2022, according to the company, this is set to grow to an annual lending volume of US$40-billion, following market launches in Cameroon and Nigeria.
Andrew Watkins-Ball, JUMO Founder and CEO, said: “It's exciting to be part of the wave of US capital being invested in payments and Fintech on the continent - there are some great businesses being built and we are proud to play a role supporting capital providers to reach customers with great products. We are really grateful for the vote of confidence from our new investors and will continue to work hard to improve our products for our partners and customers.”
Melissa McSherry, Global Head of Risk and Identity Services at Visa, added: “JUMO’s lending platform is highly attractive in its ability to scale across markets and drive financial inclusion by creating access to credit for consumers and small businesses. We are excited about our investment in JUMO and are looking forward to accelerating adoption of JUMO’s platform across markets and delivering on Visa’s mission of helping Individuals, businesses, and economies to thrive.”
The latest funding round brings JUMO’s total funding raised to date to US$200-million. Prior investment rounds have included Leapfrog, Goldman Sachs, Finnfund, Proparco, Vostok Emerging Finance and Brook Asset Management.