JUMO, a South African and London-based financial technology-based company; building next-generation financial services for emerging market entrepreneurs, has announced its raise of $120million in new funding round from new and existing investors. The funding led by the fundraiser will support the scaling of the JUMO platform capacity. It enables the company to evolve its services and increase the number of financial products on offer to SMEs. Also, they provide longer-term lending options for merchants and businesses.
The funding will also support JUMO’s international expansion in new markets such as Nigeria and Cameroon. 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 an intelligent platform that enables banks to reach millions of new customers with credit and savings products. Also, JUMO focuses on making it easier for capital providers to reach new customers at affordable prices; whilst making predictable returns. The platform itself provides a full range of infrastructure and services that banks need to operate. Ranging from core banking to underwriting, KYC and fraud detection services.
Objective of JUMO
Andrew Watkins-Ball, JUMO Founder and CEO, said: “It’s exciting to be part of the wave of US capital being invested in payments and fintech on the continent – 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 really grateful for the vote of confidence from our new investors and will continue to work hard to improve our products for our partners and customers.”

“JUMO’s lending platform is highly attractive in its ability to scale across markets and drive financial inclusion by creating access to credit for consumers and small businesses”. Global Head of Risk and Identity Services, Melissa McSherry at Visa. “We are excited about our investment in JUMO. Also, we 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.”
To date, the JUMO platform has been used to make 120 million loans, totalling $3.5 billion. Also, this is done to 18 million people and small businesses in Ghana, Uganda, Kenya, Tanzania, Zambia, Côte d’Ivoire and Pakistan. Meanwhile, JUMO has the opportunity to disburse $29 billion a year. This record is according to the current number of eMoney subscribers on its platform with access to loans. In 2022, it sets to grow to an annual lending volume of $40 billion, following market launches in Cameroon and Nigeria.
Moreover…
In just over five years of its operation, JUMO has enabled the disbursement of more than US$3.5 billion in loans; they reached over 18 million customers and small businesses. The startup is currently active in seven markets including Ghana, Tanzania, Kenya, Uganda, Zambia, Côte d’Ivoire and Pakistan. Moreover, they have market expansion plans underway for Nigeria, Cameroon and Benin. JUMO has its operational and tech hubs in Cape Town, Nairobi, Porto and London.