Goldman Sachs, others invest $55 million in London-based fintech startup JUMO

JUMO, a technology startup company building next-generation financial services for emerging market entrepreneurs, today announced it has raised$55 million in debt and equity funding to support its expansion into new markets and the launch of new products. The funding round introduced new investors to join existing investors such as Goldman Sachs, Odey Asset Management and Leapfrog Investments.

Founded in London in 2015, JUMO is a full technology stack for building and running financial services. We enable our partners to offer next-generation savings, lending and insurance products to entrepreneurs in emerging markets. These give anyone with a cell phone and mobile wallet access to unprecedented financial choice, so that millions of people can prosper, build their businesses and grow. Since inception, JUMO has served over 15 million customers and disbursed over US$1.8 billion in loans. JUMO has also partnered with financial service providers and mobile network operators to provide credit and savings solutions to customers.

Andrew Watkins-Ball, JUMO’s Founder & Group CEO said: “I’m excited for our next phase. 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.”

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 this year, has disbursed over US$1.8 billion since its founding in 2015.