South African
Jumo is a financial services platform for emerging markets. It analyzes user data collected from mobile phones and networks to predict whether a person is able to repay a loan.
Listen to GHOGH with Jamarlin Martin | Episode 45: Ryan Wilson
Jamarlin talks to Ryan Wilson, founder of Atlanta’s Gathering Spot. They discuss Wilson’s plans to scale his profitable subscription and events business, and whether Kamala Harris’ candidacy will result in a civil war in Black America. They also discuss the term “people of color” and why Atlanta is one of the hottest cities for tech.
Jumo also lends money based on its analysis through banks that work with the company. To date, Jumo has originated more than $1 billion in loans on its platform for 10 million-plus customers, with around 70 percent of the company’s customer base being micro- and small-business owners, according to BankingTech.
Emerging-market entrepreneurs find it particularly difficult to get funding. Jumo is
U.S.-based investment bank Goldman Sachs led a $52-million investment round in September 2018, according to the company. Goldman Sachs was a new investor for Jumo, leading the round that would be dedicated to expanding the firm’s growth into new Asian and African markets.
That funding round culminated at the end of 2018 with an additional $12.5 million in funding from a London-based investor — U.K. investment firm Odey Asset Management, according to ITWebAfrica.
In November 2017 Jumo secured a $24 million loan from Gemcorp Capital and Finnfund, which contributed $6 million of the $24 million, according to ITWebAfrica. The investment round in 2018 brought Jumo’s total funding to date to $103 million, Finextra reported.
The success of the South African
Google Launchpad Studio is a product development acceleration program giving tech companies the opportunity to work alongside Google’s artificial intelligence and machine learning research and development teams to improve their products.
This means that Jumo’s executive team will have access to experts and mentors from Google and Silicon Valley.
Jumo was the first South African startup to be selected by Google for its Launchpad accelerator in 2017, reports ITNewsAfrica. Company l
The executive team at Jumo also got six months of support and mentorship, as well as $50,000 in funding.
Jumo’s technology is used by global telecommunications and banking giants including Africa’s largest mobile operator MTN, Airtel, South African bank FNB, and Telenor bank in Pakistan, according to BusinessInsider.