December 3, 2021Africa
Jumo raises $120M to power fintech services across Africa
Launched in 2015, Jumo is a banking as a service (BaaS) provider that powers the infrastructure for banks and fintechs to offer lending and savings products. It has so far distributed $3.5 billion to more than 18 million customers and is positioning itself as the pipeline to help players tap the vast underbanked market with Fintech solutions.
The South Africa- and UK-based Fintech recently raise $120M and will use the funding, led by Fidelity, to expand to Nigeria and Cameroon and add more financial products.
This marks Fidelity’s first investment in Africa, underscoring the US appetite to extend capital to the fast-growing fintech ecosystem.
