Fidelity, Visa and Kingsway back JUMO in US$120m round

JUMO, a South Africa- and London-headquartered firm that provides financial solutions to small business owners and enterprises in emerging markets, has completed a US$120 million raise in a new Fidelity Management-led funding round. 

The round, which is Fidelity’s first investment in an African company, also drew commitments from other backers, including financial technology giant Visa and London-headquartered investment management firm Kingsway Capital. 

This latest round comes a year after completing a US$55 million raise in a similar unnamed financing round.

JUMO’s total funding raised so far stands at US$200 million, and this was raised through equity and debt rounds from investors such as Brook Asset Management, Finnfund, Proparco, Leapfrog and Goldman Sachs.

since founder and CEO Andrew Watkins-Ball launched the company in 2015.

JUMO’s core offerings include savings, credit to customers and businesses, as well as infrastructure to banks, fintechs and eMoney operators. Some partners include MTN, Airtel, Tigo, Ecobank, Absa, Letshego, Mansa Bank and Telenor.

The firm currently has operational presence in six African markets — Ghana, Tanzania, Kenya, Uganda, Zambia, Ivory Coast and South Asian country Pakistan.