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Fidelity and Visa back emerging markets lender Jumo

Fidelity and Visa back emerging markets lender Jumo

Jumo, a South African and London-based fintech startup that helps the underbanked get access to financial services such as loans and savings products, has raised $120 million with backing from Fidelity and Visa.

Fopunded in 2015, Jumo offers savings and credit products to entrepreneurs in emerging markets, as well as financial services infrastructure to partners such as eMoney operators, mobile fintech platforms and banks.

The latest funding round brings Jumo’s total funding raised to date to c$200 million. Prior investment rounds have included Leapfrog, Goldman Sachs, Finnfund, Proparco, Vostok Emerging Finance and Brook Asset Management.

“Jumo’s lending platform is highly attractive in its ability to scale across markets and drive financial inclusion by creating access to credit for consumers and small businesses,” says Melissa McSherry, global head of risk and identity services at Visa. “We are excited about our investment in JUMO and are looking forward to accelerating adoption of Jumo’s platform across markets and delivering on Visa’s mission of helping Individuals, businesses, and economies to thrive.”

In the five years since its inception, Jumo has enabled the disbursement of more than $3.5 billion in loans and reached over 18 million customers and small businesses.

Active in seven markets including Ghana, Tanzania, Kenya, Uganda, Zambia, Côte d’Ivoire and Pakistan, Jumo says the new funding will be used to scale the platform to increase the number of financial products on offer to SMEs, as well as providing longer term lending options for merchants and bigger businesses.

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