A financial services app based in Ivory Coast, Djamo, has raised US$17 million in an equity funding round to expand its banking services for consumers and SMEs in Francophone Africa.
Regis Bamba and Hassan Bourgi launched Djamo in 2021. It is designed to provide mobile-first, affordable banking solutions for consumers and small businesses in the region.
The app has grown its customer base to over 1 million users and 10,000 SMEs across Ivory Coast and Senegal.
The funding round, led by Janngo Capital and supported by SANAD Fund for MSMEs, Partech, Oikocredit, Enza Capital, and Y Combinator, will help Djamo improve its platform by adding spending, saving, investing, and borrowing features.
Co-founder and CEO, Hassan Bourgi said: “This investment is a major step toward our vision of building one of the most iconic financial services platforms in Francophone Africa.” “We are committed to providing people in our region with banking that meets their needs, especially those underserved by traditional banks.”
Founder and Executive Chair of Janngo Capital, Fatoumata Bâ highlighted Djamo’s impact: 60 percent of its users were previously unbanked. “In a region where access to formal financial services is limited, Djamo is helping to bridge the gap, including for women, who make up a third of its users,” she said.
