South African-born fintech startup, JUMO, has secured USD 55 Mn in its newest funding spherical.
Multiple yr after inflicting quakes with a USD 52 Mn funding spherical after which following that up with a further USD 12.5 Mn simply three months later, JUMO has introduced the closure of one other large funding spherical.
This time, the startup has bagged a recent USD 55 Mn which it says is for growth into new markets and to launch new merchandise in Africa and Asia.
The newest funding shoots JUMO’s whole funding as much as USD 158 Mn, making it one of many best-funded tech startups on the African continent. JUMO had one thing of a swashbuckling yr in 2018, elevating USD 67.5 Mn throughout three funding rounds.
Per a latest put up put up on the official LinkedIn account of the startup, the most recent funding comes from new and present JUMO buyers together with Goldman Sachs, Odey Asset Administration, and LeapFrog Investments.
Based in 2014 by Andrew Watkins-Ball who at the moment leads the startup as CEO, JUMO makes a speciality of social impression monetary merchandise, providing loans and saving choices to those that are uncared for by present monetary techniques, and significantly small companies.
JUMO leverages cellular networks to supply loans and financial savings merchandise to its clients. The digital monetary companies firm has developed a credit-scoring algorithm that helps clients to unlock the worth of their digital footprints by giving an correct estimation of their creditworthiness.
The startup bundles merchandise from numerous banks and sells it to companies looking out for credit score. Your complete means of lending is facilitated via cellular networks, the place the startup has tied up offers with quite a lot of service suppliers.
Given excessive function cellphone utilization in key markets in addition to buyer sensitivity to information prices, JUMO provides transactional functionality by way of primary USSD, internet or app to permit seamless entry and utilization of the platform and merchandise.
Thus far, JUMO claims to have helped thousands and thousands of shoppers throughout its six markets in Africa and originated greater than USD 1 Bn in loans, having began out in Tanzania.
Since September 2018 when the startup first introduced growth into Asia by way of Pakistan, JUMO has moved its headquarters to Singapore whereas additionally rising to a minimum of 10 million folks saving or borrowing from its platform. On the final depend, the corporate had some 350 workers throughout 10 places of work in Africa, Europe, and Asia.
A delighted Watkins-Ball expressed pleasure almost about the startup’s newest funding announcement.
“I’m excited for our subsequent part. This backing will assist us construct a greater enterprise and break new floor. The robust vote of confidence, together with the world-class tech expertise we now have within the enterprise, means we are able to obtain distinctive outcomes for our companions and clients,” enthuses JUMO’s CEO who has near twenty years in finance and investing beneath his belt.
As earlier talked about, JUMO’s newest funding is anticipated to drive growth into new markets and facilitate the launching of recent merchandise in Africa and Asia.