Nigeria-based merchant solution platform Traction raises $6 million seed to scale its operations
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New Investments
Ivorian Fintech Djamo Raises $17 Million to Expand Financial Services in Francophone Africa
Ivorian fintech company Djamo has raised $17 million in a new funding round to expand its financial services across Francophone Africa.
The startup, which currently serves over 1 million users in Côte d’Ivoire and Senegal, is working to close the gap between mobile money services and traditional banking.
Founded in 2020 by Hassan Bourgi and Régis Bamba, Djamo was created to improve access to financial services in French-speaking West Africa, where many people remain underserved by traditional banks.
Founded in 2020 by Hassan Bourgi and Régis Bamba, Djamo was created to improve access to financial services in French-speaking West Africa, where many people remain underserved by traditional banks.
These institutions often focus on wealthier clients, leaving a large segment of the population reliant on basic mobile money platforms.
Djamo offers an inclusive alternative. Its services include peer-to-peer transfers, payment cards, savings options, and investment products.
Djamo offers an inclusive alternative. Its services include peer-to-peer transfers, payment cards, savings options, and investment products.
The company also holds the region’s first fintech-issued brokerage license, allowing it to provide investment opportunities that were previously out of reach for many in the region.
The $17 million funding round was led by Janngo Capital, with participation from the SANAD Fund for MSMEs, Partech, Oikocredit, Enza Capital, and Y Combinator.
The $17 million funding round was led by Janngo Capital, with participation from the SANAD Fund for MSMEs, Partech, Oikocredit, Enza Capital, and Y Combinator.
This latest investment is the largest ever secured by a startup in Côte d’Ivoire, surpassing Djamo’s $14 million Series A round in 2022.
The funding will support Djamo’s plans to enhance its services and expand to new markets within Francophone Africa.
The funding will support Djamo’s plans to enhance its services and expand to new markets within Francophone Africa.
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