Fidelity, Visa and Kingsway Back South African Fintech Jumo in $120 Million Round
JUMO, a South Africa- and London-based company that offers financial services to entrepreneurs and businesses in emerging markets, has raised $120 million in a new round of funding led by Fidelity Management & Research Company. The company is now valued at $400 million, according to The Times.
The round, which marks Fidelity’s first investment in an African company, also saw participation from fintech giant Visa and London-based investment management firm Kingsway Capital. It is also coming a year after raising $55 million in a similar unnamed financing round.
In total, JUMO has raised more than $200 million in equity and debt rounds from backers such as Brook Asset Management, Finnfund, Gemcorp, Proparco, Leapfrog and Goldman Sachs since founder and CEO Andrew Watkins-Ball launched the company in 2015.
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