Djamo, a financial services app based in Ivory Coast, has raised US$17 million in an equity funding round to expand its banking services for consumers and SMEs in Francophone Africa.
Launched in 2021 by Regis Bamba and Hassan Bourgi, Djamo is designed to provide mobile-first, affordable banking solutions for consumers and small businesses in the region.
The app has grown its customer base to over 1 million users and 10,000 SMEs across Ivory Coast and Senegal.
The funding round, led by Janngo Capital and supported by SANAD Fund for MSMEs, Partech, Oikocredit, Enza Capital, and Y Combinator, will help Djamo improve its platform by adding features for spending, saving, investing, and borrowing.
Hassan Bourgi, co-founder and CEO, said,
“This investment is a major step toward our vision of building one of the most iconic financial services platforms in Francophone Africa.”
“We are committed to providing people in our region with banking that meets their needs, especially those underserved by traditional banks,”
he added.
Fatoumata Bâ, Founder and Executive Chair of Janngo Capital, highlighted Djamo’s impact, with 60 per cent of its users previously unbanked.
“In a region where access to formal financial services is limited, Djamo is helping to bridge the gap, including for women, who make up a third of its users,”
she said.
Featured image credit: edited from freepik
