The round, which marks Fidelity’s first investment in an African company, also saw the participation from Visa and London-based investment management firm Kingsway Capital. It is also coming a year after raising USD 55 million in a similar unnamed financing round.
In total, JUMO has raised more than USD 200 million in equity and debt rounds from backers such as Brook Asset Management, Finnfund, Proparco, Leapfrog and Goldman Sachs since the company launched in 2015.
The fintech, 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, according to Techcrunch.com.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now