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JUMO raises $55 million to launch new products in Africa & Asia

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Fintech startup Jumo has raised $55 million to launch new products in Africa and Asia as well as expand into new markets.

“We’re pleased to announce the closure of another successful funding round! We’ve secured US$55 million for expansion into new markets and to launch new products in Africa and Asia,” the firm announced.

The new investment round comes from new and existing JUMO investors including Goldman Sachs, Odey Asset Management and LeapFrog Investments.

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,” says Andrew Watkins-Ball, Founder & Group CEO.”

In November, JUMO announced it had reached 15 million customers across Africa and Asia. The technology company building next-generation financial services for emerging market entrepreneurs said connecting over 15 million people to credit and savings in their six markets in Africa and Asia was not a mean feat.

Andrew Watkins-Ball, Founder & Group CEO, said this milestone demonstrates JUMO’s unique ability to reach underserved entrepreneurs – over 60% of JUMO’s customers are micro, small and medium-sized enterprises (MSMEs).

“We are working to connect every entrepreneur to the financial products they need to grow and prosper,” says Watkins-Ball. “Our technology enables our partner banks and payments companies to help millions of underserved people access financial services.”

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