South African Fintech closes USD$52M funding round; plans to expand to Asia

2 months ago
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South African based Fintech company, Jumo is well ahead in its plans to expand in Asian markets after securing USD$52 million funding round led by Goldman Sachs who joins as a new investor

The 4-year-old firm has seen more than 9 million people saving or borrowing on the JUMO platform, with nearly 70% of these being micro and small business owners. To date, JUMO has originated over USD$700 million in loans on its platform and manages over 25 million customer interactions per month.

CEO of JUMO, Andrew Watkins-Ball, who has relocated to Singapore to support the company’s growth in Asia, said that the support of Goldman Sachs and 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,” he said

Jules Frebault, Executive Director at Goldman Sachs expressed his excitement to partner with Jumo terming it as a 'highly capable team' as they continue to leverage technology to advance financial inclusion.

"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. "

JUMO whose headquarters are in Capetown also holds offices in Tanzania, Kenya, Rwanda, Zambia, Ghana, and the UK.

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