East Africa

JUMO raises USD55m backed by Goldman Sachs and Leapfrog Investments

JUMO a fintech focusing on next-generation financial services for emerging market entrepreneurs, has raised USD55 million in debt and equity funding from new and existing investors. 

The fresh capital will support JUMO’s expansion into new markets and the launch of new products, the company said. The funding round introduced new investors to join existing investors including Goldman Sachs, Odey Asset Management and Leapfrog Investments.

“I’m excited for our next phase,” said Andrew Watkins-Ball, JUMO’s founder & group CEO. “This backing will help us build a better business and break new ground. The strong vote of confidence, along with the world-class tech talent we now have in the business, means we can achieve exceptional outcomes for our partners and customers,” he added.

In November last year, JUMO announced having served over 15 million customers across six markets in Ghana, Uganda, Kenya, Tanzania, Zambia and Pakistan. The company, which plans to enter Nigeria, Côte d’Ivoire and India in 2020, has disbursed over USD1.8 billion since its founding.

Founded in London in 2015, JUMO is a technology stack for building and running financial services. The company has partnered with financial service providers and mobile network operators to provide credit and savings solutions to customers, and it offers next-generation savings, lending and insurance products to entrepreneurs in emerging markets.

Since inception, JUMO has served over 15 million customers and disbursed over USD1.8 billion in loans, according to the company.

Goldman Sachs led a USD52m investment round in JUMO in 2018, with participation from other leading investors including Proparco, Finnfund, Vostok Emerging Finance, Gemcorp Capital, and LeapFrog Investments. 

LeapFrog Investments is a private investment firm that invests in high-growth financial services and healthcare companies in emerging markets. The firm’s investments have an annual growth rate of more than 40 per cent and its companies reach approximately 130 million consumers, primarily in Africa and Asia.

In May last year, LeapFrog Investments announced the largest-ever private equity fund by a dedicated impact fund manager, surging past its USD600 million target to close on USD700 million.

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