Goldman Sachs joins $55mn Jumo funding round
African fintech startup JUMO has raised $55mn in debt and equity funding, including from Goldman Sachs
JUMO is on the rise. The five year old African startup, which offers a full technology stack for building and running financial services, has raised a total of $146.7mn in funding over nine rounds dating back to 2014.
The latest round saw major investors including Goldman Sachs, Leapfrog Investments and Odey Asset Management participate; it also included several unnamed investors. JUMO raised $55mn, bringing its total funding raised to nearly $150mn - in two major rounds in 2018 the company raised $64.5mn.
JUMO powers a new wave of financial technologies and tools that enable users to prosper, to build their own business and drive economic growth. The company was founded in 2015 in London by Andrew Watkins-Ball with a vision to reimagine finance in emerging markets.
Just five years later it operates in seven global hubs - Cape Town, Delhi, London, Mumbai, Nairobi, Porto and Singapore - and in six active markets.
Initial activity for JUMO focused primarily around the better use of data, specifically how it can be predict the financial behaviour of those with no access to finance.
Subsequent years have seen JUMO grow rapidly. During 2016, for example, the business fleshed out its team from 112 to 197; in 2017 it won the Mastercard Foundation Clients at the Center Prize, given in recognition of outstanding value for customers.
Next-gen product offering
JUMO's partners have access to an innovative technology stack that allows them top offer savings, lending and insurance products specifically to businesses and entrepreneurs in emerging markets.
This 'stack' has three layers: advanced data engine, end-to-end banking technology operating platform. Combined, they create what JUMO calls "ultra-lean banking technology that delivers financial services at a fraction of typical banking costs".
It's here that the company meets its original vision. The cloud and AI-powered technology it provides allows banks to connect with a traditionally inaccessible customers in a cost-effective and low risk way, giving anyone with a mobile phone and wallet access to previously unprecedented financial choice.
That unprecedented choice is paired with several benefits for customers. These include, says JUMO, increased revenue and customer loyalty, fast access to new customers, future proof financial services and greater economic growth.
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