JUMO, a technology company that develops next-generation financial services for emerging market entrepreneurs, has raised $120 million in funding from new and existing investors.
Fidelity Management & Research Company, LLC led the round, which is their first entry into emerging markets fintech.
“It’s exciting to be part of the wave of US capital being invested in payments and fintech on the continent,” JUMO Founder and CEO Andrew Watkins-Ball said. “There are some great businesses being built, and we are proud to play a role supporting capital providers to reach customers with great products.” We are happy for our new investors’ faith in us, and we will continue to work hard to develop our products for our partners and customers.”
JUMO’s total funding raised to date is $200 million, thanks to the newest funding round.
Leapfrog, Goldman Sachs, Finnfund, Proparco, Vostok Emerging Finance, and Brook Asset Management have all participated in previous investment rounds.
JUMO, based in London, has developed a sophisticated platform that allows banks to reach millions of new clients with loan and savings products.
JUMO’s goal is to make it easier for capital providers to reach out to new clients at low costs while still earning predictable returns. From core banking to underwriting, KYC (know your customer), and fraud detection services, the platform delivers the infrastructure and services that banks require to operate.
According to the current number of eMoney subscribers on its platform who have access to loans, JUMO has the potential to disburse $29 billion per year.
Following market launches in Cameroon and Nigeria, this is expected to expand to an annual loan volume of $40 billion by 2022.
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