group of venture capital funds, including Breega and INCO Ventures, gave the Guinean fintech startup YMO €3 million ($3.2 million) in seed funding. The investment is one of the most significant amounts a Guinean startup has ever gotten.
Abdoulaye Barry started YMO in 2019 and, at first, offered an instant mobile payment service between France and Guinea. In October 2022, the Central Bank of the Republic of Guinea permitted the new company to issue electronic money. It then opened its local payment service.
YMO’s mission is to provide financial inclusion to African populations on the continent and in the diasporas of France and Europe, which are said to be excluded from the traditional financial system.
The company wants to grow in West Africa. It already has almost a million users on its platform. The money raised will hire more tech and compliance workers, grow its research and development and compliance teams in Europe and Africa, and strengthen its tech and compliance staff.
The investment comes when mobile money transactions in Africa are increasing. By 2024, 70% of Africans are expected to have smartphones. With its 100% digital solution focused on using technology for money transfers and everyday payments, YMO is well-positioned to take advantage of this trend.
With the money, the startup will keep growing and building a business that meets real needs and improves its customers’ lives.