menu-icon
London

JUMO secures US$55 million from new and existing investors

25 February 2020

JUMO, a technology company building next-generation financial services for emerging market entrepreneurs, today announced the successful raise of US$55 million in debt and equity funding. This will support JUMO’s expansion into new markets and the launch of new products.

The funding round introduced new investors to join existing investors such as Goldman Sachs, Odey Asset Management and Leapfrog Investments.

Andrew Watkins-Ball, JUMO’s Founder & Group CEO said: “I’m excited for our next phase. This backing will help us build a better business and break new ground. The strong vote of confidence, along with the world-class tech talent we now have in the business, means we can achieve exceptional outcomes for our partners and customers.”

In November last year, JUMO announced having served over 15 million customers across six markets in Ghana, Uganda, Kenya, Tanzania, Zambia and Pakistan. The company, which plans to enter Nigeria, Côte d’Ivoire and India this year, has disbursed over US$1.8 billion since its founding in 2015.

Founded in London, JUMO has partnered with financial service providers and mobile network operators to provide credit and savings solutions to customers.

Share this article

You may also like

South Africa
Nedbank partners with JUMO to pioneer AI-powered credit ecosystem for South Africa
This groundbreaking collaboration blends traditional banking strength with fintech intelligence to unlock transparent, flexible credit at scale. In a move that signals a new chapter for South Africa’s financial services sector, Nedbank has entered into a partnership with AI-powered banking technology company JUMO to unlock a next-generation digital credit ecosystem.
Africa
 JUMO appoints Paul Whelpton as Chief Executive Officer
JUMO, the banking technology company behind a new generation of data-orientated financial technology for Africa has appointed Paul Whelpton as CEO. Whelpton takes over from founder and chief executive Andrew Watkins-Ball who has grown the start-up to serve Africa’s top banks and payments companies.
Uganda
BlueOrchard managed fund invests $7.5 million in JUMO’s venture to support entrepreneurs in Uganda
Global impact investment manager, BlueOrchard Finance Ltd has partnered with Uganda-based fintech JUMO to support MSMEs and job creation. The BlueOrchard Microfinance Fund has committed $7.5 million to JUMO’s innovative asset-backed securitisation (ABS) financing structure in Uganda.
South Africa
Nedbank partners with JUMO to pioneer AI-powered credit ecosystem for South Africa
This groundbreaking collaboration blends traditional banking strength with fintech intelligence to unlock transparent, flexible credit at scale. In a move that signals a new chapter for South Africa’s financial services sector, Nedbank has entered into a partnership with AI-powered banking technology company JUMO to unlock a next-generation digital credit ecosystem.
Africa
 JUMO appoints Paul Whelpton as Chief Executive Officer
JUMO, the banking technology company behind a new generation of data-orientated financial technology for Africa has appointed Paul Whelpton as CEO. Whelpton takes over from founder and chief executive Andrew Watkins-Ball who has grown the start-up to serve Africa’s top banks and payments companies.
Uganda
BlueOrchard managed fund invests $7.5 million in JUMO’s venture to support entrepreneurs in Uganda
Global impact investment manager, BlueOrchard Finance Ltd has partnered with Uganda-based fintech JUMO to support MSMEs and job creation. The BlueOrchard Microfinance Fund has committed $7.5 million to JUMO’s innovative asset-backed securitisation (ABS) financing structure in Uganda.
icon
icon

Diane Radley

Diane was a partner at PriceWaterhouse Coopers where she led their Transaction Services group advising on listings and corporate transactions. She served as CFO on JSE listed Altron and then Old Mutual after which she took the reins at Old Mutual Investment Group as CEO for 6 years. She currently serves on various international listed boards.
icon

Bradwin Roper

A visionary leader inbanking, fintech and telecommunications. Bradwin has 17 years of diversified experience across these sectors and is renowned for his strategic vision, financial acumen, and leadership.His proficiency in engaging with stakeholders at multiple levels has consistently resulted in delivering impactful outcomes in complex scenarios.

We're committed to building financial tools that are not only fast and accessible, but also personalised and responsible.
icon
Joseph Mucheru

Joseph Mucheru

Joe was the former Kenyan Cabinet Secretary in the Ministry of ICT from 2015 to 2022. He brings a wealth of government experience and knowledge of African tech to the JUMO exec team and board.

Joe was also previously the head of Sub-Saharan Africa for Google, where he led strategy, business planning & operations.

Organisations like JUMO have never been more important for protecting livelihoods, facilitating financial inclusion, and driving economic growth.
Joseph Mucheru
icon

Fábio Matos

Fábio has worked in systems and software development for over 18 years. His tech leadership experience covers e-commerce and banking. He helped build the engineering team for neobank N26, and is building a world-class, compliant and scalable platform for JUMO.

JUMO has built a strong technology base with new features and functionality constantly on the horizon. We are ready for whatever comes our way.
icon
Paul Whelpton

Paul Whelpton

Paul is CEO of JUMO and a recognised industry leader in AI. He previously spent seven years leading analytics teams at a top tier Bank. His experience spans retail, business and commerce with a focus on creating yield from large scale information management systems.
JUMO is an information enablement company that’s creating value for partners, and ordinary people. Customers can access credit in real time at a low cost of risk.
Paul Whelpton
icon

Susie Squire

Susie joined JUMO after five and a half years at Woolworths Holdings Limited, where she was Group Head of Communications. Before joining Woolworths, she was the Press Secretary to the British Prime Minister, David Cameron, and was responsible for coordinating cross government communications and campaigns. Before that, Susie was at the Department for Work and Pensions, working as part of a team that oversaw wholesale reform of the welfare system. Susie has over 12 years’ international communications and corporate affairs experience spanning markets across Africa and Europe.

We have an unmatched ability to serve high quality, low cost financial products to customers at scale in emerging markets.
icon

Andrew Watkins-Ball

Andrew is founder of JUMO and served as the CEO for over a decade. He’s built various businesses including Gateway Telecoms, a satellite service provider sold to Vodafone for $675M. He spent seven years at Salomon Brothers in London and New York and is partner in a fund focused on the energy sector.

Everyone should have access to the best financial choices. We’ve built the brain and pipes that hold and carry information for banking systems.
Andrew Watkins-Ball
icon

Michael Ball

Michael has over 20 years’ experience in CFO roles and a successful track record for building scale and value. He is recognised industry-wide for operational efficiency, business transformation, liquidity management, financial structuring, refinancing and IPO preparation and execution. During his previous tenures as Group CEO for Zepz/WorldRemit and Sysco, his financial responsibilities also included strategy and M&A. Michael lives in North London with his wife, Eloise, young daughter, Amelie and two dogs. He likes to keep fit, plays very average golf and is a season ticket holder at Manchester United.

JUMO is powering growth by constantly building scale and value.