A statement released by the company says the milestone was reached just over 18 months after crossing the US$1 billion mark in 2019, “and indicates exponential growth in the access to and availability of working capital for customers, with an average customer default rate of less than 5%.”
Andrew Watkins-Ball, Founder & Group CEO, said this achievement is evidence of the success of JUMO’s unique business model, its ability to reach unbanked populations and to provide market-leading infrastructure for financial services.
Read also: TalentQL Raises $300k Pre-seed Funding Round
“The thing that makes me most proud of this milestone is not the amount in dollars, it’s the millions of customers that we have served. Behind each dollar is a human story of someone who has put that capital to work to grow their business. These people are the backbone of their families, their communities, and the lifeblood of emerging market economies,” said Watkins-Ball.
The company was founded in London in 2015 and uses mobile wallet technology with data-driven credit prediction models to provide digital financial services infrastructure to partners, and products at scale to customers in emerging markets.
“When we founded JUMO, we were always clear that we can only achieve our mission by leveraging sophisticated information technologies at really low cost,” said Watkins-Ball.
“The increase in our prediction capability decreases the cost of credit risk, allowing us to share more value with customers while driving sustainable returns for our bank partners”
Andrew Watkins-Ball – Founder and Group CEO, JUMO
“We’re optimistic about the possibilities in these markets and continue to see huge growth opportunities in Africa, with the potential to replicate our successes in other markets over the longer term,” added Watkins-Ball.
In February this year, the company announced that it had raised US$55-million in funding from existing and new investors to support its expansion into new markets.
ITWeb Africa reported that the company last raised funding in December 2018, and has now taken the total secured investment to US$158-million with a US$55 million debt and equity funding round which introduced new investors to join existing ones such as Goldman Sachs, Odey Asset Management and Leapfrog Investments.
Read full article here
GetFundedAfrica’s mission is to uplift people and economies in Africa through entrepreneurship; helping companies find funding, grow, create jobs and solve society’s greatest challenges
Guest Contribution, GFA Attract & Application Portal For Funding
Guest Contribution: Disruptive Digital Solutions Is Rewiring The DNA Of Banking
Imagine a bank whose customers can tap on a wearable device to make a payment, regularly receive updates on changes they could make to their investment portfolio through AI-generated insights. Read more
GFA Attract Interview
Apply For Funding
GetFundedAfrica provides equity capital from $1,000 to $50,000.
For larger amounts (Above $50,000)
we organize syndicated funding rounds of up to $500,000.
“Business is always a struggle. There are always obstacles and competitors. There is never an open road, except the wide road that leads to failure. Every great success has always been achieved by fight, every winner has scars. The men who succeed are the efficient few –they are the few who have the ambition and will-power to develop themselves. So choose to be among the few today.” – Chris Kirubi, Centum Investment, Kenya