Djamo, a financial services application that is revolutionising mobile banking in Francophone Africa, has secured $17 million in a funding round to continue building its suite of banking services for consumers and SMEs.
The $17m investment round was led by Janngo Capital, with participation from SANAD Fund for MSMEs (managed by Finance in Motion), Partech, Oikocredit, Enza Capital and Y Combinator. The new capital will enable Djamo to enhance its platform with best-in-class spending, saving, investing and lending capabilities, offering a seamless banking experience tailored to the needs of digital-first consumers.
“This investment is an important step towards our vision of building one of the most iconic financial services platforms in Francophone Africa,” says Hassan Bourgi, co-founder and CEO of Djamo, in a note. “Millions of people in our region are still underserved by traditional banks or stuck in mobile money ecosystems, lacking access to fair financing and wealth creation opportunities. We are committed to providing them with seamless, convenient and innovative banking that truly meets their needs.”
“We are excited to lead the largest VC funding round in Côte d’Ivoire and to target Djamo, a mission-driven fintech that is transforming access to financial services across Francophone West Africa. Djamo serves 10,000 SMEs and over a million people in Côte d’Ivoire and Senegal, 60% of whom were previously unbanked. In a region where less than a quarter of adults have access to formal financial services and where women are twice as likely to be excluded, this is a vital mission. With women representing a third of its users, Djamo is not only bridging the gender gap, but also unlocking economic opportunities at scale. We are proud to support their vision of accelerating access to finance across the region, in a more equitable way,” says Fatoumata Bâ, founder and executive chairman of Janngo Capital
Founded by Regis Bamba and Hassan Bourgi (pictured), Djamo is building the future of banking for the next generation of African consumers. Bridging the gap between traditional banking systems and the financial needs of digital natives, Djamo offers simple, accessible and mobile-first banking solutions. Since its launch in 2021, the company has expanded its operations in Côte d’Ivoire and Senegal, rapidly growing its customer base to over one million customers and 10,000 SMEs.
“Supporting SMEs is crucial for economic stability and growth in the Fund’s target regions, MENA (middle east north Africa, ed) and some countries in SSA (sub Sahara Africa, ed), especially in vibrant regions such as West Africa,” says SANAD Board Chairwoman Daniela Beckmann, “The contribution of the SANAD Fund underlines our commitment to promoting inclusive financial ecosystems and empowering small businesses through innovative solutions. We believe this partnership will help promote inclusive financial services for local entrepreneurs throughout the region.”
Djamo offers a full range of services, including a personal account with a bank number and a Visa card, both of which are free of monthly fees or overdraft charges. Users can also access automated savings, an investment platform and business banking solutions for SMEs, all through a single app. The company recently expanded transfer options by allowing users to deposit funds directly with an agent at no cost, eliminating the need to travel to bank branches or make transfers from mobile money with additional fees. In addition, Djamo is in the process of obtaining licences that will allow it to offer essential banking services, such as interest-only savings and lending capabilities.
“Oikocredit is committed to continue supporting Djamo through this additional investment. Since our first investment in 2022, Djamo’s founders and team have demonstrated an impressive ability to execute. We are well aligned with Djamo’s mission to provide a wide range of affordable financial services to the unbanked population of West Africa,’ says Sébastien Rigaud, head of equity investments for Africa at Oikocredit.
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