JUMO South Africa raises a $55m fund for expansion. JUMO was birthed in London in 2015 but now bases in Cape Town. The fund raised is meant for geographical expansion into India and Cote d’Ivoire later this year.
JUMO is a full technology stack for building and running financial services that make use of advanced data science and machine learning to create the fastest and leanest financial services infrastructure. They partner with financial services and telecoms firms that make use of their technology stack to offer savings, lending, and insurance products to entrepreneurs in emerging markets.
The apps operation has expanded into five African countries – Ghana, Uganda, Kenya, Tanzania, and Zambia, and has originated more than $1.8 billion in loans and accrued more than 15 million customers.
According to Andrew Watkins-Ball, Jumo founder and CEO:
“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.”
One major benefit of JUMO’s technology stack is that it reduces the unit economics on the delivery and administration of financial products so that partners can reach new markets and customers can access the best products at the lowest price.
The latest round is Jumo’s ninth and brings its total funding to just under $150 million. This is similar to when Goldman Sachs led a venture round worth $52million in 2018.
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