Participated · Equity · Sep 2018

JUMO provides AI-powered lending, savings and banking infrastructure to banks, fintechs, eMoney operators and mobile network partners. Its core product set includes credit and savings products plus underwriting, KYC and fraud-detection services delivered as a platform. The company partners with MTN, Airtel, Tigo, Ecobank, Absa, Letshego, Mansa Bank and Telenor and operates in six African markets (Ghana, Tanzania, Kenya, Uganda, Zambia and Ivory Coast) and Pakistan. JUMO reports it has served more than 18 million customers and delivered over $3.5 billion in loans, with up to 120 million individual loans disbursed historically. It says current eMoney subscribers present an opportunity to disburse $29 billion a year, rising to $40 billion if it expands to Nigeria and Cameroon, and claims operational costs of $1 per customer per year against a 150 million customer total addressable market. The company plans to use new funding to expand financial products for small and medium businesses and provide longer-term lending options for merchants and larger businesses. JUMO provides a full technology stack that enables partners to build and run next-generation savings, lending and insurance products for entrepreneurs in emerging markets. The platform gives anyone with a cell phone and mobile wallet access to financial choice through partnerships with financial-service providers and mobile network operators. Since its founding in London in 2015, JUMO has served over 15 million customers and disbursed more than US$1.8 billion in loans. The company operates across six markets (Ghana, Uganda, Kenya, Tanzania, Zambia and Pakistan) and plans to enter Nigeria, Côte d’Ivoire and India this year. JUMO said it will use new funding to support expansion into new markets and to launch new products, and it highlighted increased tech hiring as part of its growth. Jumo designs and operates social-impact financial products such as microloans, savings and insurance for emerging-market consumers and partners. The company says it has originated more than $1 billion in loans and serves about 10 million people saving or borrowing on its platform. Jumo began in Tanzania in 2014 and has since expanded, moving its headquarters to Singapore and launching into Asia via Pakistan. It employs roughly 350 staff across 10 offices in Africa, Europe and Asia. Over the last year it doubled the number of financial-service providers and telcos on its platform and runs partnerships such as a digital finance product for Uber drivers in Kenya. Management has stated plans to expand to more Asian markets next year. Jumo builds social-impact financial products, offering loans and savings options for people and small businesses outside the formal banking system. The company says it has helped nine million consumers across six African markets and originated over $700 million in loans. It operates roughly 350 staff across 10 offices in Africa, Europe and Asia and was launched in 2014. Jumo assesses credit using alternative signals and partners with banks to scale volumes of small loans. The company has opened an office in Singapore, begun offering services in Pakistan and plans further expansion into additional Asian markets while continuing product expansion in Africa. Leadership includes CEO Andrew Watkins-Ball, and Jumo plans to introduce new generations of saving products and deepen bank partnerships as it scales. JUMO is a financial-services platform that delivers mobile financial services across emerging markets. The company operates in six African markets and Pakistan and has over 300 employees, most based in Cape Town. It is developing its platform to provide new services for small and medium-sized enterprises (SMEs) and is using recent funding to support expansion in Africa and Asia. JUMO is participating in Google Launchpad Accelerator and recently received a $150,000 prize from the Mastercard Foundation for client satisfaction. The CEO, Andrew Watkins-Ball, has highlighted the startup's focus on social impact when choosing financiers.