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JUMO, a fintech startup based in South Africa and London, recently revealed that it has raised US$120 million in a funding round led by Fidelity Management and Research.
AI-driven financial services
According to a report Provided by Techcrunch, financial services giants Visa and Kingsway Capital also participated in this round of financing, and JUMO is now valued at US$400 million. A year ago, the startup successfully raised $55 million, and the report said it was a similar but unnamed round of financing.
Founded in 2015 by founder and CEO Andrew Watkins-Ball, JUMO claims to use artificial intelligence to power financial services, especially in emerging markets where more than 1.7 billion people do not have access to basic financial services.
According to reports, so far, fintech has provided loans worth more than US$3.5 billion to more than 18 million customers in these markets and issued as many as 120 million personal loans. Although JUMO claims to have the opportunity to issue US$29 billion a year, adding Nigeria and Cameroon to the list of countries that provide services will increase the value of loans to US$40 billion.
Jumao’s attractive lending platform
In addition to expanding to Nigeria and Cameroon, JUMO also proposed to use part of the US$120 million raised to improve and increase the number of financial products it provides to SMEs. It also plans to provide long-term loan options for merchants and large corporations.
After JUMO’s latest round of financing, Visa’s head of global risk and identity services, Melissa McSherry, said in her speech:
JUMO’s lending platform is extremely attractive in terms of cross-market expansion and the ability to promote financial inclusion by providing credit channels for consumers and small businesses.
McSherry added that her company is excited about JUMO’s investment and looks forward to accelerating the adoption of the JUMO platform in various markets and fulfilling Visa’s mission to help individuals, businesses, and the economy thrive.
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