JUMO, the largest and fastest growing technology platform for operating inclusive mobile financial services marketplaces has secured US$12.5 million investment from Odey Asset Management, a leading, London-based investment firm managing global capital for institutional investors, wealth managers, private banks and professional investors.
This investment marks the close of JUMO’s most recent equity funding round, which had earlier in September, raised US$52 million with Goldman Sachs as the principal lead investor alongside Proparco (the private sector financing arm of the French Development Agency AFD), Finnfund, Vostok Emerging Finance, Gemcorp Capital and LeapFrog Investments.
James Hanbury, Partner at Odey Asset Management, joins the Board of JUMO
JUMO will use the additional investment to develop their technology platform, support market expansion and deepen data capabilities, specifically in applied ML and AI innovation to accelerate financial inclusion, across JUMO’s key markets in Africa and Asia.
JUMO currently has offices in Kenya, Uganda, Tanzania, Ghana, Zambia, Pakistan, United Kingdom, Singapore and South Africa with plans to expand across Asia after setting up office in Singapore earlier this year.
“JUMO’s agile and adaptable platform is a force for good which has contributed to greater financial inclusion and advancements in the traditional lending sector, through its fair exchange of value with partners. I am pleased to have joined JUMO as a Non-Executive Director and look forward to working with the executive team to support the attainment of its ambitions.” Said James Hanbury, Partner at Odey Asset Management.
JUMO partners with banks and mobile money operators to facilitate the delivery of innovative financial solutions like savings, credit and insurance products to segments of the population underserved by traditional financial services via mobile devices. Through its existing partnerships, nearly 120 million mobile users are currently able to connect to the JUMO platform.
“The closure of this latest funding round is a fantastic endorsement of JUMO’s track record in developing inclusive financial infrastructure and information capability. We have a proven business model, evidenced in the strategic partnerships we have built with forward-thinking banks, mobile money operators and partners like Uber. I am pleased to conclude 2018 with yet another milestone achievement for the company. In addition, I am excited to welcome Odey Asset Management as a strategic investor and James Hanbury to the Board, to help us better realise our mission to advance financial inclusion.” Commented Andrew Watkins-Ball, CEO of JUMO.
Since its launch in 2014, JUMO has raised in excess of US$103 million, which is testament to JUMO’s track record and investors’ confidence in JUMO’s future growth; while more than 10 million people have saved or borrowed on the JUMO platform, with nearly 70% of these being micro and small business owners across Africa and Asia.