Ivory Coast-based fintech startup, Djamo has closed a $14 million funding spherical – the largest-ever fairness spherical for a startup in Ivory Coast – to broaden throughout Francophone Africa.
- Based two years in the past by Régis Bamba and Hassan Bourgi in Ivory Coast, Djambo is on a mission to supply monetary providers for the unbanked and underbanked inhabitants in French-speaking markets the place lower than 25% of adults have financial institution accounts.
- The Djamo app permits for interoperability between banks and cell cash, which permits prospects in Ivory Coast to ship cash from their financial institution accounts to cell cash wallets, and again; it has leveraged this attribute to construct a full suite of monetary providers.
- Djamo’s first product is a Visa-powered debit card that lets customers make on-line purchases on websites corresponding to Amazon, Alibaba, or Netflix. Bourgi stated 60% of Djamo prospects have by no means used a Visa debit card earlier than becoming a member of the platform.
- The startup claims to have registered over 500,000 prospects, a greater than 5x enhance from the 90,000 prospects it had onboarded as of February 2021.
- The platform has processed over $400 million since inception and can be experiencing a income development of 20% to 25% month-on-month.
- The $14 million in funding capital will assist the startup advance into two different nations throughout Francophone Africa earlier than the top of subsequent 12 months and broaden product choices to incorporate investments and lending.
- The spherical was led by the trio of Enza Capital, Oikocredit and Partech Africa.
