Djamo, a Fintech startup based in Cote d’Ivoire, announced that it has raised $14 million in a funding round to expand into two new Francophone countries before the end of next year and expand its product portfolio.
Founded by Hassan Bourgi and Regis Bamba in 2019, Djamo is a financial super app for consumers in Francophone Africa providing financial services for the underbanked and unbanked population. Last year it became the first startup from Cote d’ivoire to get backing from Y Combinator.
Djamo raised the new funds from Y Combinator and three lead investors — Enza Capital, Oikocredit and Partech Africa. Other participants in this funding round lnclude Janngo Capital, P1 Ventures, Axian and Launch Africa.
The startup has been able to introduce products that solve the basic financial issues that face most people in Cote D’Ivoire. Such products include the Visa-powered debit card that lets users make online purchases on sites such as Amazon, Alibaba, or Netflix, virtual accounts for peer-to-peer transactions, a product to receive salaries, and an autosaving product that offers guidance into customers’ financial goals.
Djamo claims to have around 500,000 registered users and has processed over $400 million since inception .
According to Tidjane Deme, the general partner at Partech Africa speaking on the investment, “Francophone Africa offers a large integrated market, with [a] fast-growing demand for frictionless services from a new cohort of digital-native young adults. We are excited to join forces with high-caliber local investors who bring sector and regional expertise to enable Djamo to unlock this opportunity.”