South African fintech company, Jumo has taken its total raised funding to US$103- million with the conclusion of its latest funding round, which will be used to expand across Africa and Asia.
Jumo, which provides a marketplace of financial services products to excluded or underserved populations through partnerships with banks and mobile network operators, announced in September it has raised US$52-million in funding, with Goldman Sachs as the principal lead investor alongside the likes of Proparco and Finnfund.
The company has now secured additional investment of US$12.5-million from the London-based investment firm Odey Asset Management to increase the value of that funding round to more than US$65-million, and take its total raised funding since its launch to US$103-million.
Jumo said the investment would provide further flexibility for it to execute on its global strategic initiatives and expansion plans across Africa and Asia.
The company currently has African offices in Kenya, Uganda, Tanzania, Ghana, Zambia and South Africa, while it set up its Asia Pacific headquarters in Singapore earlier in the year.
The company has plans to enter several new Asian markets in 2019.
“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,” said Jumo CEO Andrew Watkins-Ball.
“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.”
Since Jumo’s launch in 2014, 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. The company has originated almost US$1-billion in loans to date, and maintained savings growth of over 50% month-on-month on its platform.
James Hanbury, a partner at Odey Asset Management, said, “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.”
