London-based fintech JUMO eyes to expand to new markets with $120M funding

London-based JUMO is a fintech company that builds next-generation financial services for emerging market entrepreneurs. Today, the company has announced a successful raise of $120 million (nearly £89 million) funding from new and existing investors.

The investment round was led by Fidelity Management & Research Company, LLC, and represents their first investment in emerging markets fintech. JUMO will use the fresh funds to support the scaling of its platform’s capacity, enabling the company to evolve its services and increase the number of financial products on offer to SMEs, and provide long-term lending options for merchants and bigger businesses. Also, the funds will support JUMO’s international expansion in new markets such as Nigeria and Cameroon. JUMO is set to grow its annual lending volume to $40 billion in 2022 with its launch in the new markets.

With the latest funding round, the total investment secured by JUMO accounts for $200 million (nearly £150 million). Prior investment rounds included Leapfrog, Goldman Sachs, Finnfund, Proparco, Vostok Emerging Finance and Brook Asset Management.

Andrew Watkins-Ball, JUMO Founder and CEO, said: “It’s exciting to be part of the wave of US capital being invested in payments and fintech on the continent – there are some great businesses being built and we are proud to play a role supporting capital providers to reach customers with great products. We are really grateful for the vote of confidence from our new investors and will continue to work hard to improve our products for our partners and customers.”

“JUMO’s lending platform is highly attractive in its ability to scale across markets and drive financial inclusion by creating access to credit for consumers and small businesses,” said Melissa McSherry, Global Head of Risk and Identity Services at Visa. “We are excited about our investment in JUMO and are looking forward to accelerating adoption of JUMO’s platform across markets and delivering on Visa’s mission of helping Individuals, businesses, and economies to thrive.”

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