South African FinTech Jumo has secured $24 million in funding into Africa and Asia. London-based Gemcorp Capital and Finnish development finance company Finnfund were the loan providers.
Jumo is a financial services platform for emerging markets which analyses user data collected from mobile phones and networks to predict whether a person is able to repay a loan, offering tailored financial products based on that analysis.
Since 2014, the company has disbursed 20 million loans from $2 to $50 000.
Jumo founder and CEO Andrew Watkins-Ball expressed his excitement at achieving further investment through Gemcorp Capital and Finnfund, which he believes is in line with his company's ethos.
"That aligns well with our mission. Having proven our model, we are now expanding our footprint to reach millions more people who are excluded from the formal financial system. With Finnfund we have an investor who supports our view that inequality is unacceptable," Watkins-Ball said.
Currently operating in six African countries, the FinTech is set to expand into Asia and Africa and will also direct funds towards expanding its product and SME service offering. Jumo was the first South African startup to be selected by Google for its Launchpad accelerator.
