South African fintech firm JUMO has raised $120million in a round led by Fidelity Management & Research Company, LLC with the participation from Visa and London-based investment management firm Kingsway Capital.
The latest funding round brings JUMO’s total funding raised to date to c$200 million. Prior investment rounds have included Leapfrog, Goldman Sachs, Finnfund, Proparco, Vostok Emerging Finance and Brook Asset Management.
Founded in London, JUMO has built a platform that enables banks to reach millions of new customers with credit and savings products. Jumo’s platform provides a full range of infrastructure and services that banks need in order to operate, from core banking to underwriting, KYC (know your customer) and fraud detection services.
Jumo Use of Funds
The fundraise will support the scaling of JUMO’s platform capacity, enabling the company to evolve its services and increase the number of financial products on offer to SMEs, as well as providing longer term lending options for merchants and bigger businesses.The funds will also support JUMO’s international expansion in new markets such as Nigeria and Cameroon.
To date, the JUMO platform has been used to make 120 million loans, totalling $3.5 billion, to more than 18 million people and small businesses in Ghana, Uganda, Kenya, Tanzania, Zambia, Côte d’Ivoire and Pakistan.
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