This South African fintech has now raised R1.3 billion in funding

South African financial technology firm Jumo has announced the close of an equity funding round of $52 million (R764 million) led by Goldman Sachs.

This latest round brings Jumo’s total fundraising to $90 million (R1.3 billion), the company said this week.

Headquartered in Cape Town, Jumo has offices in Kenya, Uganda, Tanzania, Rwanda, Ghana, Zambia, Singapore and the United Kingdom.

The funds raised will be used to further Jumo’s growth and expansion into new markets, it said. Its CEO, Andrew Watkins-Ball, has relocated to Singapore to support the company’s growth in Asia.

JUMO’s technology is a highly agile and scalable Platform as a Service (PaaS) for operating inclusive and profitable financial marketplaces, adapting quickly to customer needs with solutions that improve their lives. The company partners with many of the largest, most forward-thinking banks and mobile money operators to offer individuals and small businesses savings and credit products via mobile devices.

Jules Frebault, Executive Director at Goldman Sachs, commented, “There is immense opportunity across Africa and beyond for JUMO to build on their successful track record developing digital marketplace infrastructure to offer mobile subscribers access to relevant financial products. We are excited to partner with this highly capable team as they continue to leverage technology to advance financial inclusion.”

Jumo’s technology is based on a highly agile and scalable Platform as a Service (PaaS) for operating inclusive and profitable financial marketplaces – adapting quickly to customer needs with solutions that improve their lives.

The company partners with banks and mobile money operators to offer individuals and small businesses savings and credit products via mobile devices.

Through its existing partnerships, nearly 120 million mobile users are currently able to connect to the Jumo platform.

“There is immense opportunity across Africa and beyond for Jumo to build on their successful track record developing digital marketplace infrastructure to offer mobile subscribers access to relevant financial products,” said Jules Frebault, executive director at Goldman Sachs.

“We are excited to partner with this highly capable team as they continue to leverage technology to advance financial inclusion.”


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This South African fintech has now raised R1.3 billion in funding