Mobile financial services provider Jumo has received a $6m debt instrument from Finland-based Finnfund, as part of a credit round.
This line of financing is part of a bigger round of capital, which according to an article by itwebafrica, saw Gemcorp Capital lead a $18m loan facility.
Jumo uses behavioural data from mobile devices to create a financial identity for excluded people within emerging markets. The platform is predominantly used by MSMEs, helping them to access working capital and savings via mobile phones.
Launched in 2014, the platform has served more than 5 million people in Africa and Asia, granting a total of over 20 million loans. The solution is currently mainly active within Tanzania, Uganda, Zambia, Kenya, Rwanda, Ghana and Pakistan.
This investment from is set to help the Jumo with expansion across Africa and Asia, as well as developing its platform to support new service for SMEs.
Finnfund managing director Jaakko Kangasniemi said, “Financial inclusion is very important for development; people need to be able to access quality financial services. It gives them security, enables them to plan their lives more effectively and often gives them an opportunity to start or grow their own business and improve their livelihoods.”
Earlier this week the Bahrain Economic Development Board and FinTech Consortium partnered to launch a Bahrain FinTech hub. The new business will support startups within the Middle East and Asia.
Last month e-commerce platform Zazu secured £150,000 in a crowdfunding campaign, as it looks to build a digital-only bank for Africa. The company is creating a prepaid card along with a companion app to offer a real-time log of consumer spending and control.
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