London-based FinTech JUMO aims to expand into new markets with $ 120 million in funding

Based in London JUMO Is a fintech company that builds next-generation financial services for emerging market entrepreneurs. Today, the company announced that it has successfully raised $ 120 million from new and existing investors.

International expansion plan

NS investment The round, led by Fidelity Management & Research Company, LLC, represents the first investment in FinTech in emerging markets. JUMO will use new funds to support platform capacity expansion, evolve services, increase the number of financial products offered to SMEs, and enable merchants and large companies to offer long-term lending options. increase. The fund will also support JUMO’s international expansion in new markets such as Nigeria and Cameroon. JUMO plans to increase its annual loan amount to $ 40 billion in 2022 with its launch in a new market.

In the latest round of funding, JUMO has secured a total investment of $ 200 million. Previous investment rounds included Leapfrog, Goldman Sachs, Finnfund, Proparco, Vostok Emerging Finance and Brook Asset Management.

Andrew Watkins-Ball, Founder and CEO of JUMO, said: A capital provider to reach customers with great products. We are truly grateful for the vote of trust from new investors and will continue to strive to improve our products for our partners and customers. “

Melissa McSherry, Global Head of Risk and Identity Services at Visa, said: “We are excited to invest in JUMO and look forward to fulfilling Visa’s mission to accelerate adoption of JUMO’s platform across the market and support the prosperity of individuals, businesses and the economy.”

Use AI to enhance financial services

JUMO was founded in 2015 by Andrew Watkins-Ball. It is a market-leading Banking as a Service (BaaS) platform that uses AI to enhance financial services in emerging markets. It provides savings and credit products to emerging market entrepreneurs and provides financial services infrastructure to partners such as eMoney operators, mobile fintech platforms and banks.

JUMO is focused on making it easy for capital providers to reach new customers at affordable prices while generating predictable revenue. The platform itself provides all the infrastructure and services a bank needs to operate, from core banking to underwriting, KYC (customer knowing), and fraud detection services.

Integration with eMoney operators enables JUMO’s rapid scalability and outstanding segment reach. This is a model that companies can replicate to any payment provider in the world. JUMO’s SMEs and SMEs’ core customer base is the backbone of their economy, and access to low-priced credits allows them to invest in their business and their communities.

JUMO’s unique partnership business model has created a unique ecosystem that provides value to all stakeholders, including customers and investors. To date, the JUMO platform has provided 120 million loans totaling $ 3.5 billion to more than 18 million people and SMEs in Ghana, Uganda, Kenya, Tanzania, Zambia, Cote d’Ivoire and Pakistan. I did.