LONDON, 29 September 2022 – JUMO, a technology company building next-generation financial services for emerging market entrepreneurs, today announced its certification as B Corporation (B Corp or benefit corporation). The organisation joins an international movement of 5,787 purpose-led businesses that meet B Corp’s high standards of social and environmental performance, accountability and transparency.
To become a certified B Corp, companies undergo a rigorous review of the impact of their operations and business model on their workers, customers, communities and environment, and must meet a minimum verified score on the B Impact Assessment.
JUMO is one of a small number of financial technology organisations to have achieved B Corp certification. The milestone is a marker of the positive impact JUMO has made in the financial services sector since it was founded in 2015. JUMO’s platform financially empowers underserved communities by making saving and borrowing more accessible at the best rates, so SMEs and micro-SMEs can invest in their businesses and communities. JUMO is using technology to drive systematic changes and enable financial freedom across countries such as Uganda, Zambia, Côte d’Ivoire, Tanzania, Ghana and Kenya.
Andrew Watkins-Ball, JUMO Founder and CEO, said: “When you do business in sensitive areas with large counterparties you need to have higher standards of accountability and transparency. B Corp’s high standards are the benchmark for companies who believe that profit and purpose must be aligned. This has always been a milestone that we have worked towards and we are proud to join the ranks of the certified B Corp companies.”
This certification offers JUMO a powerful framework to accelerate business growth, following a US$120 million fundraise in November 2021 led by Fidelity Management & Research Company, LLC, Visa and Kingsway. The round has supported the scaling of JUMO’s platform capacity and brought JUMO’s total funding to date to c.US$200 million.
JUMO was founded in 2015 and is the market leading Banking as a Service platform that uses AI to power financial services in emerging markets.
JUMO offers savings and credit products to entrepreneurs in emerging markets, as well as financial services infrastructure to partners such as eMoney operators, mobile fintech platforms and banks.
The platform has two foundational capabilities:
· Core – which provides end-to-end, next generation banking infrastructure and
· Unify – the Artificial Intelligence processor that transforms data to reduce the cost and risk of lending.
In just over five years of operation, JUMO has enabled the disbursement of more than US$3.5 billion in loans and reached over 18 million customers and small businesses. They are active in six markets including Ghana, Tanzania, Kenya, Uganda, Zambia and Côte d’Ivoire.
For media enquiries, please contact:
JUMO@brunswickgroup.com or +44 20 7404 5959