NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Friday, July 20, 2018

By Stephen Timm

SA fintech JUMO has secured equity funding from French development agency Proparco and Finnish development finance company Finnfund — the first commitments to a new funding round, the startup’s founder Andrew Watkins-Ball revealed yesterday.

The startup’s platform helps facilitates digital financial services such as credit and savings in emerging markets. The Finnish development took part in a A$24-million debt facility last year (see this earlier story).

In a call from London yesterday, Watkins-Ball told Ventureburn that the commitments from Proparco and Finnfund were secured six weeks ago. He declined to reveal the value of the funding, but said each of the organisations have taken a single-digit equity in return for the funding.

Photo courtesy of John Hogg.