SA Analytics company, Jumo, raises $6 million from Finnish Development Finance Corporation

South African based analytics company, Jumo, has received $6 million from Finnish Development Finance Corporation , Finnfund. JUMO is a mobile financial services platform for mobile network operators and banks. The platform facilitates digital financial services such as credit and savings in emerging markets by way of USSD short codes.

The $ 6 million loan from Finnfund is to support the expansion of Jumo’s business in Africa and Asia and the development of the service for small and medium-sized companies. The investment is part of a $ 24 million loan package sponsored by a London-based financial corporation, the emerging market, the previously funded Gemcorp Capital.

“We want to finance the expansion and development of Jumo. People’s access to financial services, so-called economic inclusion, is very important for development. People must have access to high-quality financial services. It provides security, enables life planning and often, for example, setting up a company and improving the quality of life, “says Jaakko Kangasniemi, CEO of Finnfund .

“As an investor, Finnfund has a clear goal of achieving significant societal impacts together with responsible financial results. This works well with our mission, “says JUMO’s Founder and CEO Andrew Watkins-Ball. “We have proved that our operating model is good. We are now expanding our business to reach millions of new people who have been out of financial services. Finnfund is an investor who shares the idea that inequality is unacceptable. ”

Having released its first mobile service in 2014, Jumo has issued more than 20 million loans. its operating model is based on extensive background work on Financial Services in Africa.Currently there are more than 300 employees, most of whom work in South Africa. The company operates in Tanzania, Uganda, Zambia, Kenya, Rwanda, Ghana and Pakistan.

Just recently, Jumo won Mastercard’s annual Clients at the Centre Prize of $150,000 for its innovative work as a large-scale, low-cost financial services marketplace that serves poor people