JUMO, a technology company building next-generation financial services for emerging market entrepreneurs has raised US$55 million in debt and equity funding. The funding round introduced new investors to join existing investors such as Goldman Sachs, Odey Asset Management and Leapfrog Investments.
The funding will go towards supporting JUMO’s expansion into new markets and the launch of new products.
Andrew Watkins-Ball, JUMO’s Founder & Group CEO said: “I’m excited about 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.”
In November last year, JUMO announced having served over 15 million customers across six markets in Ghana, Uganda, Kenya, Tanzania, Zambia and Pakistan. The company, which plans to enter Nigeria, Côte d’Ivoire and India this year, has disbursed over US$1.8 billion since its founding in 2015.
Founded in London, JUMO has partnered with financial service providers and mobile network operators to provide credit and savings solutions to customers.
JUMO’s technology is a highly agile and scalable Platform as a Service (PaaS) for operating inclusive and profitable financial marketplaces, adapting quickly to customer needs with solutions that improve their lives.