Goldman Sachs leads USD 55 mln funding in South African fintech startup Jumo

Thursday 27 February 2020 15:10 CET | News

Goldman Sachs has announced a USD 55 million investment in South Africa-based fintech startup Jumo.

The investment round saw participation from existing investors including Goldman Sachs, Odey Asset Management and Leapfrog Investments as well as new unnamed investors. It brings Jumo’s total funding raised to nearly USD 150 million and follows two major rounds in 2018 when the company raised USD 64.5 million.

Jumo operates in five African countries—Ghana, Uganda, Kenya, Tanzania, Zambia—where it partners with financial service providers and telecoms operators to offer lending, savings and insurance services to their vast customer bases. The company says it has disbursed USD 1.8 billion in loans since being founded and has now served 15 million customers.

The fund raise comes amid intense interest in the potential of financial technology startups in Africa, notably from global payments giants. In a landmark deal last November, Visa purchased invested USD 200 million for a 20% stake in Nigerian payments processor Interswitch confirming the company as Africa’s first fintech unicorn.

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Keywords: Goldman Sachs, Jumo, fintech, financial technology, South Africa, Africa, US, investment, funding round, investment banking
Categories: Banking & Fintech
Countries: South Africa
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Banking & Fintech

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