In September, South Africa-based financial technology firm JUMO secured $52M investment from led by Goldman Sachs in an equity funding round. Other investors included Proparco, Finnfund, Vostok Emerging Finance, Gemcorp Capital, and LeapFrog Investments.
Today, the startup has announced that it has raised a further $12.5 million from Odey Asset Management, bringing its total funding to date to $103 million.
The firm says the new capital injection will be used to deepen data capabilities, specifically in applied machine learning and AI innovation across key markets in Africa and Asia.
Jumo currently has offices in Kenya, Uganda, Tanzania, Ghana, Zambia, Pakistan, United Kingdom, Singapore and South Africa. It set up its Asia Pacific headquarters in Singapore earlier in the year and has plans to enter several new Asian markets in 2019.
Since launch in 2014, more than 10 million people have saved or borrowed on the Jumo platform, with nearly 70% of these being micro and small business owners across Africa and Asia. To date, the company has originated almost US$1 billion in loans and maintained savings growth of over 50% month-on-month on its platform, which manages over 45 million customer interactions per month.
The company also last week sealed a tie-up with Uber to promote a car financing product for cabbies. Jumo says it plans to expand this offering to other ride-hailing firms across Sub-Saharan Africa and beyond.
