Jumo, a five-year old fintech startup has raised $55 million in debt and equity funding. The latest investment round saw participation from existing investors including Goldman Sachs, Odey Asset Management and Leapfrog Investments as well as new unnamed investors. It brings Jumo’s total funding raised to nearly $150 million and follows two major rounds in 2018 when the company raised $64.5 million. Although Goldman Sachs is best known as a Wall Street fixture, it has been steadily building an impressive portfolio of African startup investments in the last few years. It has previously led an investment round in Jumo, but also e-commerce leader Jumia, Kenyan agritech startup Twiga and Kobo 360, a logistics startup in Nigeria. Last month the Wall Street stalwart acquired a banking license to operate in South Africa. Jumo operates in five African countries—Ghana, Uganda, Kenya, Tanzania, Zambia—where it partners with financial service providers and telecoms operators to offer lending, savings and insurance services to their vast customer bases.
SOURCE: QUARTZ AFRICA