Jumo, a London-based fintech has raised $120 million to fuel its expansion into new markets such as Nigeria and Cameroon amongst others.
The secured fund will enable the fintech to better serve emerging market entrepreneurs as it scales its platform capacity, increase its financial product portfolio, as well as provide longer-term lending options for merchants and bigger businesses.
Led by Fidelity Management & Research Company, LLC, the latest funding round brings JUMO’s total funding raised to date to $200 million.
What they are saying
Andrew Watkins-Ball, JUMO Founder and CEO, in a statement, expressed excitement to be part of the wave of US capital being invested in payments and fintech on the continent whilst also appreciating the new investors for the vote of confidence as he pledged to work harder.
Melissa McSherry, Global Head of Risk and Identity Services at Visa said, “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.”
What you should know about Jumo
JUMO platform serves as an enabler for banks to reach millions of new customers with credit and savings products in addition to making it easier for capital providers to be able to reach new customers at affordable prices whilst making predictable returns.
Based in South Africa and London, the platform has disbursed 120 million loans, totalling $3.5 billion, to more than 18 million people and small businesses in Ghana, Uganda, Kenya, Tanzania, Zambia, Côte d’Ivoire and Pakistan.
The platform itself provides a full range of infrastructure and services that banks need in order to operate, from core banking to underwriting, KYC (know your customer) and fraud detection services as its returns to bank partners have become the market benchmark for predictable profitability at the same time as ensuring high levels of control and transparency.
According to the current number of eMoney subscribers on its platform with access to loans, the platform has the opportunity to disburse $29 billion a year. Following market launches in Cameroon and Nigeria, the number is set to grow to an annual lending volume of $40 billion.