A South Africa and London-based fintech startup, JUMO, recently revealed it has raised $120 million in a funding round led by Fidelity Management & Research Company.
Financial Services Powered By AI
Techcrunch reported that Kingsway Capital and Visa, both financial services companies, participated in the financing round. JUMO now stands at $400 million. This capital boost comes one year following the successful raising of $55 million by the startup in an unnamed round.
JUMO was established by Andrew Watkins, CEO, in 2015. It claims that AI can power financial services in developing markets, where more than 1.7 billion people don’t have access to basic financial services.
The fintech has so far provided loans in excess of $3.5 billion to over 18 million customers, and granted up to 120,000,000 individual loans. JUMO claims it has the ability to disburse $29Billion per year. However, adding Nigeria and Cameroon as countries to which its loans are available will see the loan value rise to $40Billion.
JUMO’s Highly Attractive Lending Platform
JUMO also plans to expand to Nigeria and Cameroon. It suggested that part of the $120million raised will be used to increase and improve the financial products it provides to small- and medium-sized business owners. The company also intends to offer longer-term loans options for larger companies and merchants.
In her remarks following JUMO’s latest funding round, Visa’s global head of risk and identity services, Melissa McSherry, said:
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.
McSherry added that her company is excited about its investment in JUMO and is looking forward to accelerating the adoption of JUMO’s platform across markets and to delivering on Visa’s mission of helping individuals, businesses, and economies to thrive.
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