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Cape Town-based Jumo secures $55 Million in debt and equity funding

FinTech startup Jumo, a company building next-generation financial services for emerging market entrepreneurs announced that the company has secured $55 million in debt and equity funding. The company is planning to use the funding for its new product launch and for expansion into new markets.

The investment round saw participation from new investors along with existing investors like Goldman Sachs, Odey Asset Management and Leapfrog Investments. The new investment brought the company’s total funding to 146.7 Million. The company is planning to enter Nigeria, Côte d’Ivoire and India and has disbursed over US$1.8 billion since its founding in 2015.

“I’m excited for our 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,” said Andrew Watkins-Ball, JUMO’s Founder & Group CEO

Founded in 2014, Cape Town-based Jumo is a technology platform, developed for building and running financial services. The company’s partners include financial services providers such as the Barclays Africa Group, Letshego Bank, and Telenor Microfinance Bank, as well as mobile network operators such as MTN, Airtel, Telenor, and Tigo.  The company has partnered with Uber in December 2018.  In November 2019, the company announced that it is serving over 15 million customers across six markets in Ghana, Uganda, Kenya, Tanzania, Zambia and Pakistan.

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