South Africa’s fintech start-up Jumo has raised $52m in an equity funding round that was led by Goldman Sachs.

Finnfund, Vostok Emerging Finance, Gemcorp Capital, LeapFrog Investments as well as the French Development Agency’s private sector financing arm Proparco, also participated in the Jumo funding round.

The South African fintech helps the under banked with access to conventional banking services including savings and credit products.

In partnership with several banks and mobile money operators, Jumo provides savings and credit products through mobile devices.

With the new funding, Jumo platform intends to expand into new markets.

Launched in 2014, the Jumo platform has been used by more than 9 million people to save or borrow across Africa.

Since its launch, the company has originated more than $700m in loans on its platform.

Jumo CEO Andrew Watkins-Ball said: “The support of Goldman Sachs and our other investors is a significant endorsement of Jumo.

“We are working hard to connect hundreds of millions of people with access to the best possible choices from leading banks.

“We are proving that the evolution of computation and storage means that there is no longer any reason why the best financial products should not be available to people in the early stages of building wealth.”

Commenting on the Jumo funding round, Goldman Sachs executive director Jules Frebault said: “There is immense opportunity across Africa and beyond for Jumo to build on their successful track record developing digital marketplace infrastructure to offer mobile subscribers access to relevant financial products.

“We are excited to partner with this highly capable team as they continue to leverage technology to advance financial inclusion.”

Jumo has offices across various African countries as well as in the UK, Singapore and Pakistan.