Lorem ipsum proin gravida nibh vel velit auctor aliquetenean idelit sollicitudin, lorem quis bibendum auci elit consequat ipsutis sem.
1-677-124-44227

info@yourbusiness.com

184 Main Collins Street | West victoria 8007

Follow us On Instagram

Lorem ipsum proin gravida nibh vel velit auctor alique tenean sollicitudin, lorem quis.
Top

Blog

Fintech Firm JUMO Gives US$2.5b Credit To Their Markets In Africa And Asia

South African fintech startup Jumo raises second $50M+ VC round | TechCrunch

AFRICA – Fintech firm JUMO, has extended over US$2.5-billion in credit in their six markets in Africa and Asia.

A statement released by the company says the milestone was reached just over 18 months after crossing the US$1 billion mark in 2019, “and indicates exponential growth in the access to and availability of working capital for customers, with an average customer default rate of less than 5%.”

Andrew Watkins-Ball, Founder & Group CEO, said this achievement is evidence of the success of JUMO’s unique business model, its ability to reach unbanked populations and to provide market-leading infrastructure for financial services.

Read also: TalentQL Raises $300k Pre-seed Funding Round

“The thing that makes me most proud of this milestone is not the amount in dollars, it’s the millions of customers that we have served. Behind each dollar is a human story of someone who has put that capital to work to grow their business. These people are the backbone of their families, their communities, and the lifeblood of emerging market economies,” said Watkins-Ball.

JUMO partners with funders, banks and telecommunications companies to power a new generation of financial tools.

The company was founded in London in 2015 and uses mobile wallet technology with data-driven credit prediction models to provide digital financial services infrastructure to partners, and products at scale to customers in emerging markets.

According to the company, over 76% of the 1.7 billion people in the world who lack access to finance are in Africa, while over 32% of adults in South Asia are unbanked.


This image has an empty alt attribute; its file name is image-16.png

“When we founded JUMO, we were always clear that we can only achieve our mission by leveraging sophisticated information technologies at really low cost,” said Watkins-Ball.

SA Fintech Startup JUMO Scores $55 Million to Support Expansion Into  Nigeria and Other Markets

“The increase in our prediction capability decreases the cost of credit risk, allowing us to share more value with customers while driving sustainable returns for our bank partners”

Andrew Watkins-Ball – Founder and Group CEO, JUMO

Already active in UgandaZambiaKenyaGhanaTanzania and Pakistan, JUMO has plans to launch in Côte d’Ivoire and Nigeria in the coming months.

“We’re optimistic about the possibilities in these markets and continue to see huge growth opportunities in Africa, with the potential to replicate our successes in other markets over the longer term,” added Watkins-Ball.

In February this year, the company announced that it had raised US$55-million in funding from existing and new investors to support its expansion into new markets.

ITWeb Africa reported that the company last raised funding in December 2018, and has now taken the total secured investment to US$158-million with a US$55 million debt and equity funding round which introduced new investors to join existing ones such as Goldman Sachs, Odey Asset Management and Leapfrog Investments.

Read full article here


GetFundedAfrica’s mission is to uplift people and economies in Africa through entrepreneurship; helping companies find funding, grow, create jobs and solve society’s greatest challenges

Guest Contribution, GFA Attract & Application Portal For Funding

This image has an empty alt attribute; its file name is image-35.png

Guest Contribution: Disruptive Digital Solutions Is Rewiring The DNA Of Banking

Imagine a bank whose customers can tap on a wearable device to make a payment, regularly receive updates on changes they could make to their investment portfolio through AI-generated insights. Read more

GFA Attract Interview

Victor Boyle-Komolafe, the co-founder of Garbage In, Value Out (GIVO), a system that automates and digitises the collection, processing, and sale of recyclable materials. Watch Here

Apply For Funding

GetFundedAfrica provides equity capital from $1,000 to $50,000.
For larger amounts (Above $50,000)
we organize syndicated funding rounds of up to $500,000.
Apply Here

Follow Us

See the source image
See the source image

“Business is always a struggle. There are always obstacles and competitors. There is never an open road, except the wide road that leads to failure. Every great success has always been achieved by fight, every winner has scars. The men who succeed are the efficient few –they are the few who have the ambition and will-power to develop themselves. So choose to be among the few today.”

– Chris Kirubi, Centum Investment, Kenya
No Comments
Add Comment
Name*
Email*
Website

Select your currency