Fintech JUMO Secures $55 Million


Fintech JUMO — which was founded by SA entrepreneur Andrew Watkins-Ball in 2014 — has announced that it has raised $55-million in debt and equity funding.

In an announcement yesterday, the Mauritius-registered mobile financial services platform said the funding will support JUMO’s expansion into new markets and the launch of new products.

JUMO said the funding round introduced new investors to join existing investors such as Goldman SachsOdey Asset Management and Leapfrog Investments.

The fintech did not reveal details such as who the new investors are, what stake they had taken in the fintech and what portion of the investment was in debt and what portion in equity.

Fintech JUMO has raised $55m in debt and equity funding from both existing and new investors

The company had not responded to request for details on these by the time of publication.

The latest funding round follows the $64.5-million the company raised in late 2018 from UK based Odey Asset Management and Goldman Sachs among others.

JUMO currently partners with financial service providers and mobile network operators to provide credit and savings solutions in Pakistan, Ghana, Tanzania, Uganda, Kenya and Zambia.

Commenting in a statement, Watkins-Ball (pictured above) said he was excited for the company’s 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,” he said.

In November last year, JUMO announced that it had served over 15 million customers across six markets, namely in Ghana, Uganda, Kenya, Tanzania, Zambia and Pakistan.

The company, which said in yesterday’s statement that it plans to enter Nigeria, Côte d’Ivoire and India this year, claims it has disbursed over $1.8-billion since its inception in 2014.

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Goldman SachsJUMOLeapfrog Investments.Odey Asset Management

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