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African-based Jumo Raises US$52 mn, to bring its Services to Asia

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Published on : Sep 18, 2018

The fintech scenario in Asia appears to expand splendidly in the wake of Jumo, an African based company, which has decided to bring its services to Asia.

More Details About Jumo’s Plan to Proliferate in Asia

Jumo mainly offers loans to unbanked parties in Africa, and these services will soon be available now in Asia. Jumo has opened a new office in Singapore just to get started in the Asian continent. And to stoke growth in its market in the region, the organization has managed to seal a deal worth US$52 mn that is led by banking giant Goldman Sachs.

This round of capital funding has increased the total money raised by Jumo to about US$90 mn from various investors. Apart from Goldman Sachs, which was the leading investor, others who participated in the round include companies such as Proparco, Finnfund, Vostok Emerging Finance, Gemcorp Capital, and LeapFrog Investments.

Jumo had launched in 2014 and now mainly specializes in social impact financial products. Thus, for companies who exist outside of the normal banking systems, particularly for small businesses, Jumo is a notable boon in case such parties need to borrow money in the form of loans. As per reports, the company has helped about nine million customers across six markets in Africa and has disbursed about US$700 mn in loans. The company has a staff of about 350 across offices in Africa, Europe and Asia.

Until last year, Jumo was a part of Google Launchpad accelerator. The company is now led by CEO Andrew Watkins-Ball, who as nearly two decades of experience in the fields of finance and investing. According to the CEO, Jumo’s experience in Africa makes it perfectly safe for operating in the Asia Pacific, thus springing up similar markets. Apart from Singapore, the company has begun offering services in Pakistan, and is expected to spread further in the near future.