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JUMO, a fintech startup based in South Africa and London that provides financial services to emerging market entrepreneurs and enterprises, has raised USD 120 Mn in a fresh round of funding led by Fidelity Management & Research Company. The round also included technology giant Visa and London-based investment management firm Kingsway Capital. The investment comes a year after the company raised USD 55 Mn in an undisclosed fundraising round.
JUMO, a banking-as-a-service platform, claims to leverage artificial intelligence to power financial services, notably lending in emerging nations. The fintech provides core solutions around savings, loans, and infrastructure to banks, fintechs, and eMoney operators to address these constrained demands in both markets.
Jumo plans to utilize the investment to improve and expand the number of financial solutions it offers to small and medium businesses and expand into Nigeria and Cameroon. It also intends to provide merchants and larger enterprises with long-term financing options.