JUMO is a tech platform for operating inclusive mobile financial service marketplaces and now will expand to Asia with the opening of its office in Singapore

African fintech JUMO announced today that it has raised US$52 million funding from the global investment banking and investment firm Goldman Sachs, adding up its total fundraise to US$90 million. Participating in this round are French Development Agency (AFD) private sector financing Proparco, Finnfund, Vostok Emerging Finance, Gemcorp Capital, and LeapFrog Investments.

JUMO seeks to continue its growth and expansion particularly in Asia, where it has begun building presence by relocating to Singapore.

Launched in 2014, the JUMO platform recorded over 25 million users who use the platform to save and borrow money among other available interaction, on a monthly basis. Seventy per cent of the tally are micro- and small-business owners, which brings its total loan portfolio to US$700 million thus far.

“We are working to connect hundreds of millions of people with access to the best possible choices from leading banks. We believe that the evolution of computation and storage means that there is no longer any reason why the best financial products should not be available to people in the early stages of building wealth,” said CEO of JUMO, Andrew Watkins-Ball on marketplace inclusivity in digital financial services.

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Describing its technology as agile and scalable Platform as a Service (PaaS), JUMO’s main vision is inclusivity and profitability in financial marketplaces. Through its multiple partnerships with innovative banks and mobile money operators, the company manages to offer individuals and small businesses savings and credit products via mobile devices that’s now has connected nearly 120 million users.

“JUMO has opportunity in Africa and beyond with its track record on building a digital marketplace infrastructure to offer mobile subscribers access to relevant financial products. We believe this partnership will support JUMO as they continue to leverage technology to advance financial inclusion,” said Jules Frebault, Executive Director at Goldman Sachs.

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The number shows that over 2 billion people in the world have limited to no access to essential financial services, and these people mostly live in emerging markets with only online mobile connection. These are the people that JUMO targets with transactional capability via basic USSD, Web, or App to allow broad-based access to banks and usage of the platform, as well as financial products.

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Image Credit: JUMO

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