Djamo, a pioneering fintech company based in Côte d’Ivoire, has successfully raised $17 million in a recent funding round, marking a significant milestone in the African financial technology sector. This investment aims to enhance Djamo’s mission of providing accessible and innovative banking solutions to underserved populations across Francophone Africa.
About Djamo
Founded in 2020 by CEO Hassan Bourgi and Chief Product and Technical Officer Régis Bamba, Djamo has rapidly expanded its services in Côte d’Ivoire and Senegal. The platform now serves over 1 million customers, including 10,000 small and medium-sized enterprises (SMEs), with 60% of its users previously unbanked. Notably, women constitute one-third of its user base, highlighting Djamo’s role in promoting gender inclusivity in financial services.
The Funding Round
The $17 million equity investment was led by Janngo Capital, with participation from SANAD Fund for MSMEs, Partech, Oikocredit, Enza Capital, and Y Combinator. This funding is the largest venture capital round ever secured by an Ivorian startup, surpassing Djamo’s $14 million Series A in 2022.
Strategic Objectives
The new capital will enable Djamo to expand its product offerings, including enhanced spending, saving, investing, and lending features. The company plans to introduce interest-bearing savings accounts and lending capabilities, aiming to provide a comprehensive suite of financial services tailored to the needs of digital-first consumers. Additionally, Djamo is committed to supporting SMEs with business banking solutions, furthering its goal of driving economic growth in the region.
Impact on the Region
In a region where less than 25% of adults have access to formal financial services, Djamo’s initiatives are transformative. By bridging the gap between traditional banking and mobile money platforms, Djamo offers a seamless banking experience that meets the evolving needs of its users. The company’s focus on financial inclusion is evident, with over half of its user base being unbanked individuals who now have access to essential financial tools.
Looking Ahead
With this substantial investment, Djamo is poised for significant growth, aiming to expand its reach and continue innovating in the fintech space. The company’s commitment to providing affordable and accessible financial services aligns with broader efforts to enhance financial inclusion and economic development across Francophone Africa.
For more information about Djamo and its services, visit their official website at www.djamo.com.
