Jumo will use the funds to expand into new markets and to launch into new products in Africa and Asia.

Goldman Sachs (NYSE: GS) led the $55 million round of debt-cum-equity financing into Jumo. (QuartzAfrica) Odey Asset Management and Leapfrog Investments participated alongside Goldman Sachs as existing investors.

There were new, unnamed investors, but the company did not reveal details of their identities, what stake they had taken in the fintech and whether they invested in debt or equity.

Jumo

Previously, Jumo raised $64.5 million through two rounds in 2018. Its aggregate funding to date is nearly $150 million according to QuartzAfrica.

The fintech operates in five countries in Africa, namely, Ghana, Uganda, Kenya, Tanzania, and Zambia. It has already served 15 million customers and granted $1.8 billion in loans since its founding. Its full-stack platform is versatile enough to offer a wide range of financial services in partnerships with other financial institutions. These services include loans, savings, and insurance.

Partner financial institutions include Telenor and Telenor Microfinance Bank, Tigo, Airtel, and MTN.

New growth areas

Andrew Watkins-Ball founded Cape Town-based Jumo in 2014. He is also the Group CEO.

“I’m excited for our next phase. This backing will help us build a better business and break new ground. The strong vote of confidence, along with the world-class tech talent we now have in the business, means we can achieve exceptional outcomes for our partners and customers,” Watkins-Ball said in a statement.

Jumo is soon planning to launch in Bangladesh, India, Côte d’Ivoire, and Nigeria.

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Image credit: Indian woman delights in using a JUMO product (Jumo Media Resources)