November 10

Fidelity, Visa and Kingsway Back South African Fintech Jumo in $120 Million Round

By Tage Kene-Okafor

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.

Photo courtesy of WorldRemit Comms.

Source: TechCrunch (link opens in a new window)

Finance, Investing, Technology
financial inclusion, fintech, impact investing