fintechInvestments

South African fintech JUMO raises $120m to drive its expansion into Nigeria

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JUMO, a South Africa and London-based company that offers financial services in form of credit to entrepreneurs and businesses, has raised $120 million in a new round of funding.

The round was led by Fidelity Management & Research Company with participation from Visa and Kingsway Capital.

This brings the total amount of funding secured by JUMO to over $200m after raising $52m in 2018 and $55m in 2020.

JUMO was founded in 2015 by Andrew Watkins-Ball. Its primary offering is to provide loans and savings options for individuals and small businesses. The company was part of Google’s Launchpad Accelerator in 2017 and has since come a long way.

Speaking on the investment, Melissa McSherry, the global Head of Risk and Identity Services at Visa said they were excited at the investment and looked forward to helping JUMO scale their operations.

We are excited about our investment in JUMO and are looking forward to accelerating adoption of JUMO’s platform across markets and delivering on Visa’s mission of helping individuals, businesses, and economies to thrive.”

JUMO’s Services

JUMO - Wikipedia

JUMO offers core products around savings, credit to customers and businesses. Additionally, it provides infrastructure to banks, fintechs and eMoney operators.

According to the company’s website, they use artificial intelligence and machine learning to build accurate credit scores and targeted financial products for people who don’t have a formal financial identity, collateral or credit record.

Using the information provided by JUMO, banks are able to offer tailored financial services with high value and utility for customers.

Their services are currently available in six African markets — Ghana, Tanzania, Kenya, Uganda, Zambia, Ivory Coast and the South Asian country of Pakistan. Some partners include MTN, Airtel, Tigo, Ecobank, Absa, Letshego, Mansa Bank and Telenor.

In 2018, JUMO claimed to have helped nine million consumers across its six markets in Africa and originated over $700 million in loans. Now, they claim to have disbursed $3.5 billion to more than 18 million customers across all operational markets, granting up to 120 million individual loans.

JUMO offers core products around savings, credit to customers and businesses. Additionally, it provides infrastructure to banks, fintechs and eMoney operators.

According to the company’s website, they use artificial intelligence and machine learning to build accurate credit scores and targeted financial products for people who don’t have a formal financial identity, collateral or credit record.

Using the information provided by JUMO, banks are able to offer tailored financial services with high value and utility for customers.

Their services are currently available in six African markets — Ghana, Tanzania, Kenya, Uganda, Zambia, Ivory Coast and the South Asian country of Pakistan. Some partners include MTN, Airtel, Tigo, Ecobank, Absa, Letshego, Mansa Bank and Telenor.

In 2018, JUMO claimed to have helped nine million consumers across its six markets in Africa and originated over $700 million in loans. Now, they claim to have disbursed $3.5 billion to more than 18 million customers across all operational markets, granting up to 120 million individual loans.

Source: www.technext.ng

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