The South African and London based fin-tech firm has raised $120 million seed round. The company offers financial services to businesses and entrepreneurs in emerging markets.
Fintech is an interesting space to be in at the moment as we see a number of companies venture into. Jumo competes with other African fintech unicorns such as Flutterwave and Opay.
The fintech firm, which refers to itself as a banking-as-a-service platform, says it uses AI to power financial services, particularly lending in emerging markets where over 1.7 billion people do not have basic access to financial services, 42% of adults in sub-Saharan Africa and Asia are unbanked and only 11% of adults are under credit bureau coverage in Africa, reported TechCrunch.
JUMO offers core products around savings, credit to customers and businesses, as well as infrastructure to banks, fintechs and eMoney operators. Some partners include MTN, Airtel, Tigo, Ecobank, Absa, Letshego, Mansa Bank and Telenor.
“JUMO’s lending platform is highly attractive in its ability to scale across markets and drive financial inclusion by creating access to credit for consumers and small businesses,” said Melissa McSherry, the global head of Risk and Identity Services at Visa in a statement.
“We are excited about our investment in JUMO and are looking forward to accelerating adoption of JUMO’s platform across markets and delivering on Visa’s mission of helping individuals, businesses, and economies to thrive.”