Ivorian Fintech Djamo Raises USD 17 M For Digital Bank Push In Francophone Africa

Ivorian fintech startup Djamo has raised USD 17 M in equity funding to expand its mobile banking services across Francophone Africa. The funding round was led by Janngo Capital, with participation from SANAD Fund for MSMEs, Partech, Oikocredit, Enza Capital, and Y Combinator.

Founded in 2021 by Regis Bamba and Hassan Bourgi, Djamo provides digital-first financial solutions for consumers and SMEs in a region where less than 25% of adults have access to formal banking. The company has rapidly scaled operations in Côte d’Ivoire and Senegal, surpassing 1 million customers and serving 10,000 SMEs.

Djamo offers an accessible alternative to traditional banking, providing users with a personal account, a Visa card without monthly fees, automated savings, investment options, and SME banking tools. The startup is also working on securing licenses to introduce interest-bearing savings and lending services.

“This investment is a major step toward our vision of building one of the most iconic financial services platforms in Francophone Africa,” said CEO Hassan Bourgi. “Millions remain underserved by banks or confined to mobile money ecosystems without real wealth-building opportunities. We are committed to changing that.”

Janngo Capital, which led the round, highlighted Djamo’s impact on financial inclusion, noting that 60% of its users were previously unbanked, and a third are women. “Djamo is not only bridging the gender gap but also unlocking economic opportunities at scale,” said Fatoumata Bâ, Founder and Executive Chair at Janngo.

The equity round, the largest ever for an Ivorian startup, surpasses Djamo’s USD 14 M Series A in 2022 and reflects continued investor confidence in its mission to make banking accessible and affordable.

With the fresh capital, Djamo aims to enhance its platform with improved spending, saving, investing, and borrowing features while accelerating its mission to provide seamless, affordable financial services to underserved populations in West Africa.