Jumo, a Cape Town, South Africa-based-based fintech company, secured $52m in funding.
The round was led by Goldman Sachs, with participation from Proparco, the private sector financing arm of the French Development Agency, Finnfund, Vostok Emerging Finance, Gemcorp Capital, and LeapFrog Investments.
The company intends to use the funds to continue to expand operations and grow in Asian markets.
Led by CEO Andrew Watkins-Ball, Jumo is a financial technology company that partners with banks, MNOs and other e-commerce players to deliver progressive financial choices to customers in emerging markets across Africa and Asia.
The company provides a large-scale, multi-sided technology platform and designs progressive financial choices to reach them using their digital presence to create a financial identity using only behavioural data.
Customers are mostly micro and small to medium enterprises in emerging markets across Africa and Asia who need instant access to finance so they can grow and invest.
So far, Jumo has served more than 8.4 million customers and disbursed over 40 million loans.