Fintech JUMO to bolster financial inclusion initiative with new funding
The multi-million dollar investment provides further flexibility for JUMO to execute on its global strategic initiatives and expansion plans across Africa and Asia
JUMO, a fast-growing technology platform for operating inclusive mobile financial services marketplaces in emerging markets, has secured a US$12.5 million investment from Odey Asset Management.
In addition, James Hanbury, Partner at Odey Asset Management, joins the Board of JUMO.
Odey Asset Management is a London-based investment firm managing global capital for institutional investors, wealth managers, private banks and professional investors.
The additional investment will be used to further develop JUMO's technology platform, support market expansion and deepen data capabilities, specifically in applied Machine Learning (ML) and Artificial Intelligence (AI) innovation to accelerate financial inclusion, across JUMO's key markets in Africa and Asia.
This investment marks the formal close of JUMO's most recent equity funding round, which had earlier in September, raised US$52 million with Goldman Sachs as the principal lead investor alongside Proparco (the private sector financing arm of the French Development Agency AFD), Finnfund, Vostok Emerging Finance, Gemcorp Capital and LeapFrog Investments.
JUMO's strategy and delivery of financial inclusion involves strategic partnerships with like-minded organizations, to facilitate the delivery of innovative financial solutions to segments of the population underserved by traditional financial services. Its partner ecosystem of leading banks and mobile money operators, which has doubled over the past year, leverages JUMO's platform to offer individuals and small businesses savings, credit and insurance products via mobile devices. Through its existing partnerships, nearly 120 million mobile users are currently able to connect to the JUMO platform.
JUMO recently announced its partnership with Uber through its JUMO Drive product, a unique digital vehicle finance product that eases barriers to car ownership for existing Uber driver-partners.
CEO of JUMO, Andrew Watkins-Ball, comments, "The closure of this latest funding round is a fantastic endorsement of JUMO's track record in developing inclusive financial infrastructure and information capability. We have a proven business model, evidenced in the strategic partnerships we have built with forward-thinking banks, mobile money operators and partners like Uber."
James Hanbury, Partner at Odey Asset Management, comments, "JUMO's agile and adaptable platform is a force for good which has contributed to greater financial inclusion and advancements in the traditional lending sector, through its fair exchange of value with partners. I am pleased to have joined JUMO as a Non-Executive Director and look forward to working with the executive team to support the attainment of its ambitions."
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.
Following the close of the funding round, JUMO has raised in excess of US$103 million. Since JUMO's 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, JUMO 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.