South African Fintech Startup JUMO Bags USD 3 Mn In Equity Investment From Proparco
South African Startup JUMO, raised an equity investment of USD 3 Mn from Proparco, as disclosed in a recent press release. JUMO is an emerging market technology Fintech start-up that offers unbanked or under-banked people access to financial services via their mobile phones.
On raising the fresh round, Andrew Watkins-Ball, Founder and CEO of JUMO said, “We have proven our business model and are now gearing up for the next phase of building the largest scale and lowest cost platform delivering high-quality financial services to emerging markets. With Proparco we have an investor who understands the complexity of our markets and is committed to the qualitative imperatives of our mission such as customer protection and transparency, so we are very excited about this partnership.“
JUMO leverages the mobile networks to provide loans and savings-products to its customers. It has developed a credit scoring algorithm which helps customers to unlock the value of their digital footprints by giving an accurate estimation of their creditworthiness. The startup bundles products from various banks and sells it to businesses in look out for credit. The entire process of lending is facilitated through mobile networks, where the startup has tied up with a number of service providers.
Photo courtesy of John Hogg.