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    Innovation Village | Technology, Product Reviews, Business
    You are at:Home»Digital Bank»Djamo Raises $17m to Expand Digital Banking Across Francophone West Africa
    Djamo

    Djamo Raises $17m to Expand Digital Banking Across Francophone West Africa

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    By Staff Writer on April 3, 2025 Digital Bank, Investments

    In a major milestone for Francophone Africa’s fintech scene, Ivorian digital bank Djamo has raised $17 million in fresh equity funding to expand its services across the region. The round, led by Pan-African venture capital firm Janngo Capital, marks the largest VC raise by any startup in Ivory Coast, underscoring growing investor confidence in Djamo’s mission to bridge the financial access gap in underserved markets.

    While many African fintechs focus on Nigeria, Egypt, or South Africa, Djamo has carved out a niche in French-speaking West Africa, specifically Ivory Coast and Senegal. Since launching in 2020, the Y Combinator-backed startup has amassed over 1 million customers, tapping into a population largely excluded from traditional banking.

    “Our goal is to become the go-to bank for a generation of users who have outgrown mobile money but find traditional banks too expensive or outdated,” said Hassan Bourgi, CEO and co-founder.

    Bridging the Gap Between Mobile Money and Traditional Banking

    In many parts of West Africa, traditional banks serve only the affluent, while mobile money has offered a low-barrier alternative. However, mobile money platforms typically provide basic services like transfers and bill payments, falling short on more advanced financial tools such as credit, savings, and investment.

    Djamo sits at the intersection of these two worlds, offering customers a full-fledged digital banking experience with the ease and accessibility of mobile money. The startup is particularly focused on younger, mobile-first users who are seeking greater control over their finances without the constraints of legacy banking.

    “These users are evolving,” said Bourgi. “They don’t want to go where their parents went—they want more control, transparency, and value.”

    Expanding Services for Individuals and Small Businesses

    Since its last funding round in 2022, Djamo has grown rapidly. It now offers features like savings vaults, investment products, and salary-linked accounts, and boasts the region’s first fintech-issued brokerage license. The platform also serves over 10,000 small businesses, many of which started as retail users, with tools such as bulk payments, payment links, and QR code transactions.

    While a large portion of its users still treat Djamo as a secondary account, over 55% of customers are unbanked—and for 90% of them, Djamo is their primary financial platform. To better serve this segment, Djamo has adopted a hybrid approach using offline agents to onboard and engage customers in person, much like traditional mobile money networks.

    A Path to Sustainable Growth

    Djamo’s revenue has grown 5x since 2022, processing more than $4.5 billion in transactions since launch. The company currently earns revenue from merchant fees and a premium plan, which 25% of users subscribe to. It’s also working toward offering interest-bearing savings and lending products, pending regulatory approval.

    With a team of 250 employees and expansion underway in Senegal, Djamo is positioning itself as a complementary service to giants like Wave, offering more comprehensive financial services rather than competing on basic transfers.

    “In a region where fewer than 25% of adults use formal financial services, Djamo is helping unlock access—and opportunity—at scale,” said Fatoumata Bâ, founder of Janngo Capital.

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