TechInAfrica – Jumo is an African FinTech startup that recently has secured $12.5 million investment from a London-based investment fund, Odey Asset Management. The investment will be used to expand its market in Asia Pacific countries. With the investment from Odey Asset Management., Jumo has currently raised a total of $103 million calculated from all investors. The other investments come from Goldman Sachs, Proparco—French Development Agency, and FinFund—a part of last year’s Google Launchpad Accelerator.
The CEO of Jumo, Andrew Watkins-Ball, stated: “The closure of this latest funding round is a fantastic endorsement of Jumo’s track record in developing inclusive financial infrastructure and information capability. We have a proven business model, evidenced in the strategic partnerships we have built with forward-thinking banks, mobile money operators and partners like Uber. I am pleased to conclude 2018 with yet another milestone achievement for the company. In addition, I am excited to welcome Odey Asset Management. as a strategic investor and James Hanbury to the Board, to help us better realize our mission to advance financial inclusion.”
Speaking as the representative of Odey Asset Management. James Hanbury commented “Jumo’s agile and adaptable platform is a force for good which has contributed to greater financial inclusion and advancements in the traditional lending sector, through its fair exchange of value with partners. I am pleased to have joined Jumo as a Non-Executive Director and look forward to working with the executive team to support the attainment of its ambitions.”
Jumo was established in 2014. It has been focused on providing financial products which bring social impact, like insurance, microloans, and savings. The startup claimed that they have offered over $1 million in loans. Its first Asia expansion started in Pakistan and since then around 10 million people have been saving and borrowing money from the company’s platform. Overall, the company’s services are spread around Africa, Asia, and Europe with a total of 350 staffs.