Y Combinator-backed fintech Djamo raises $14m to build a personal finance app in Francophone Africa
Djamo, a Y Combinator-backed fintech building a personal finance company in Francophone Africa has raised $14 million in an equity round to continue building a full suite of financial services and expand to new markets.
The $14 million investment round was co-led by Enza Capital, Oikocredit and Partech Africa, with participation from Janngo Capital, P1 ventures, Axian, Launch Africa and other existing investors. This fresh injection of capital will allow the company to expand to new markets and continue building a full suite of personal finance services to further empower its customers across the region.
Djamo’s mission is to address a clear problem in West Africa where less than 25% of adults have bank accounts. The two co-founders, Regis Bamba and Hassan Bourgi, decided to build Djamo because they were determined to enable access to simple, affordable and mobile first banking for the hundreds of millions living in the region.
Tidjane DEME, General Partner, Partech: ''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.''
Regis Bamba, Co-founder and CPO, Djamo: "In our region, users pay amongst the highest fees in the world but do not always receive adequate service in return and that can be extremely frustrating. The one thing that we want to achieve is to offer a product where customers get real value for their money. We have attracted more than 500,000 customers and our rapid organic growth is a testimony to that, they just love the product and tell everyone about it.''
Djamo partners with regional banks to offer a frictionless mobile-first service, delivering a Visa card within 2 days of creating an account without any monthly fees or overdraft charges. Innovating at a rapid pace, the company has rolled out 3 additional services this year, all driving clear customer value: virtual accounts, automatic saving and a product to receive salaries, complementing the existing local and cross border payment offer available with the App and card.
Hassan Bourgi, Co-founder and CEO, Djamo: ''Many fintechs have emerged lately in Francophone Africa thanks to an increasingly friendly fintech regulatory landscape enabling innovation while protecting customers. The central bank now has a dedicated bureau for fintechs, which demonstrates how much they believe fintechs can play a key role in reshaping financial inclusion.''
This investment is the largest-ever equity round for a startup in Côte d’Ivoire, Djamo’s home market. Djamo founders and team are proud of this milestone and committed to breaking ever high barriers in serving their customers.
