South African Fintech company JUMO has raised a US$55-million funding round from new and existing investors to support its expansion into new markets and the launch of new products.

Founded in 2015, JUMO partners with financial service providers and mobile network operators to provide credit and savings solutions to customers.

Its products give anyone with a cell phone and mobile wallet access to financial choice, with JUMO having so far served over 15 million customers and disbursed over US$1.8-billion in loans.

The company last raised funding in December 2018, and has now taken the total secured investment to US$158-million with a US$55 million debt and equity funding round which introduced new investors to join existing ones such as Goldman Sachs, Odey Asset Management and Leapfrog Investments.

The investment will be used for further expansion. Already active in Ghana, Uganda, Kenya, Tanzania, Zambia and Pakistan, JUMO has plans to enter Nigeria, Côte d'Ivoire and India this year.

"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," said Andrew Watkins-Ball, JUMO's Founder & Group chief executive officer.