Fintech Startup Djamo Raises $17M To Make Banking More Accessible Across Francophone Africa

Djamo, a Francophone digital banking startup, raised $17 million in an equity funding round led by Janngo Capital. The fintech company currently serves one million customers, specifically in Ivory Coast and, more recently, Senegal, according to TechCrunch. The funding will help Djamo expand its product suite for its customers and the thousands of small businesses it has acquired over the past two years.

Who are the founders of Djamo?

CEO Hassan Bourgi founded the company in 2020 alongside Chief Product and Technical Officer Régis Bamba. Djamo is committed to lessening the financial access gap in French-speaking African countries, where a limited number of adults have bank accounts. TechCrunch reported that traditional banks in the region typically serve affluent communities, forcing the rest of the population to rely on cheaper methods to make financial transactions.

The fintech company is placing itself between mobile money and traditional banking. Their target audience is primarily younger customers who have outgrown mobile money wallets but still find traditional banks to be expensive, outdated, or inaccessible, according to the founders.

$17 million investment

The $17 million funding round was led by Janngo Capital and backed by SANAD Fund for MSMEs, Partech, Oikocredit, Enza Capital, and Y Combinator.

“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,” Bourgi said, as stated by Fintech Africa.

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