South African financial technology company Jumo has raked in $55m in equity and debt funding round from a diverse set of investors.

The funding round was joined by the company’s existing investors such as Goldman Sachs, Odey Asset Management and Leapfrog Investments.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

It also saw participation from new investors. However, the South African start-up did not reveal the names of the new investors.

Jumo founder & group CEO Andrew Watkins-Ball said: “I’m excited about 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 2018, Jumo raised $52m from Goldman Sachs and $12.5m from Odey Asset Management.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The latest funding round brings the total amount raised by the company to nearly $150m.

Jumo, which was founded in 2015, teams up financial service providers and mobile network operators to provide credit and savings solutions to customers.

The company said that it will use the money to expand into new markets and roll out new products.

The fintech firm serves more than 15 million customers in Ghana, Uganda, Kenya, Tanzania, Zambia and Pakistan.

It now plans to enter markets of Nigeria, Côte d’Ivoire and India later this year.

Since its conception, the company has disbursed more than $1.8bn.

Last year in November, Visa acquired a 20% stake in Interswitch in a $200m deal, advancing digital payments across Africa.