Fidelity leads a $120 million funding round for a South African fintech
“JUMO”, a start-up based in London and South Africa, has recently successfully raised $120 million through the intense funding process which was led by the ‘Fidelity M&R Company’. The start-up has been running a successful business and has raised a good amount of funding in the earlier processes. The big high-tech giants i.e., Kingsman and Visa also participated in the funding process of JUMO making it valued at $400 million at present. The interest by the tech industry in a start-up also shows the potential of the company.
JUMO is coming across as a service provider using AI in this tech-driven century
JUMO works for providing services using Artificial intelligence. This start-up is focused on lending people financial services. In today’s era, where the world is changing at such a pace, people do not have access to basic financial services and hence, start-up like JUMO arises on the table. There are highly backward countries in the world where people are in the need of these kinds of services. JUMO particularly was able to get the funding looking at such countries where people’s basic needs like financial services are yet to be explored.
The expansion of JUMO is yet to take place
JUMO has started its extending branches in Cameroon and Nigeria. There the company is planning to lend the small business (which are yet to take off in this competitive market). JUMO also plans to offer their customers long term lending plans for the larger businesses in the existing market