Africa’s Fintech Startup Jumo Raise $12 Million for Asia-Pacific Expansion

One of Africa’s promising Fintech startup, Jumo has raised $12.5M from a month-long fundings round. The latest development has fuelled up the company’s expansion plan in the Asia-Pacific region.

A UK-based investment fund, Odey Asset Management carried out the new investment. The new investment is an extension to a $52M round that was carried out in September. With the latest deal, Jumo’s fundings from investors rose to $103M. The fundings round was supporters by investors such as Proparco, a France-based body, Goldman Sachs and Finnfund. 

Since last year, Jumo has been successful in doubling the financial service providers and telcos on its platform.  The company’s one of the most high profile deals was with Uber in Kenya, since they provided finance products to the Uber drivers. That partnership is likely to expand in other African nations and potentially in the rest of the world.

Jumo was incorporated in Tanzania. The company specializes in developing social impact products like savings, insurance,and microloans. Since its launch in 2017, Jumo claims to have originated more than $1B in loans. In September, it announced its first Asian expansion via Pakistan and since then, the company’s platform has been used by 10 million people for savings or borrowings.  It has around 350 employees across 10 different offices across Africa, Asia,and Europe.

“That there are plans to expand to more Asian markets next year but, for now, the company isn’t saying which ones,” quoted by Andrew Watkins-Ball, CEO of Jumo in September.