South African fintech startup, Jumo, has raised $55 million in debt and equity funding, from a round of investors led by Goldman Sachs, Odey Asset Management and LeapFrog Investments.
According to the firm, they will use the funding to further expand its saving and loaning services into Africa, as well as launch new merchandise in Asia and Africa.
This new round brings Jumo’s total funding raised to nearly $150 million, after previously raising $91.7 million.
Founded in 2015, Jumo works with financial service providers and mobile network operators to provide a platform that equips users in emerging markets with credit and savings solutions. It also provides insurance products.
The startup is already operational in Kenya, Uganda, Tanzania, Zambia, Ghana and Pakistan. Plans are also underway for it to expand to Nigeria, Ivory Coast, Bangladesh and India.