JUMO, a fintech with a special focus on emerging markets, recently raised $120 million as top investors retain confidence in its product.
The company, with headquarters in London and Cape Town, South Africa, taps artificial intelligence (AI) to power its banking as a Service (BaaS) platform to offer financial services in emerging markets using USSD shortcodes.
JUMO offers savings and credit products in addition to the infrastructure for other financial services and partners such as eMoney operators, mobile FinTech platforms and banks.
The new infusion of capital will be used to build out the capacity and scope of its platform and offer new financial products and services to small and medium-sized enterprises (SMEs), as well as provide long-term loan products to merchants and larger companies, according to reports.
The funding will also go toward helping JUMO grow its international footprint into new markets, including Nigeria and Cameroon.
The new market rollout is intended to help JUMO boost its lending volume to $40 billion in 2022.
The latest round of funding was led by Fidelity Management & Research Company with participation from Visa and Kingsway Capital.
With the new capital, JUMO has raised close to $200 million in total with backers that have included Leapfrog, Goldman Sachs, Finnfund, Proparco, Vostok Emerging Finance and Brook Asset Management.
VISA one of the investors, has said it is looking to tap into the service’s ability to scale across markets and provide access to credit to consumers and small businesses.