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Djamo One of many digital banking startups focuses undergeked in Africa. But not as much to focus on many markets such as Nigeria, Egypt, or South Africa engraved in a niche in Francophone West Africa and, more recent, Senegal. It serves today over a million customers in two countries.
The Fintech-backed y combinator extends $ 17 million to expand the product suite for retail customers and the thousands of businesses it has begun in the past two years.
The equity round, the greatest for an Ivorian start, exceeded $ 14 million series by Djamo a In 2022 and indicated continued trust in its mission investment to access banking and affordable.
Co-founder and CEO Hassan Bourgi Refuses to share new valuations but says it’s double since last raising.
Bourgi built Djamo with principal product and technical officials Régis Bamba Of 2020 to close the gap of financial access to those who speak French African countries, where some adults have bank accounts. Traditional regional banks are often reserved by many people, leaving the majority of the population dependent on mobile money, a cheaper approach that includes the use of telephone transactions.
Mobile Money has helped expand finance access across Africa. Up to 2022, 28% of adults in Sub-Saharan Africa have a mobile money account, each The World Bankand the region holds more than half of the world. But that progress also makes a ceiling.
Most mobile money platforms offer basic services: cash-in, cash-out, P2P transfers, and bill payments. While useful, they cannot open the most advanced financial tools such as credit, investment, or long storage.
Djamo has set oneself between mobile money and traditional banking. Starting offers mobile currency access to a financial depth to a bank account, a similar playbook owned by the window-in-nigerian ‘livestock.
Its target is a growing part of users, mostly young customers, releasing mobile mobile wallets but still found, or unable to access, builders.
“These users change,” Bourgi said. “But they don’t want to go where their parents go, in institutions with predatory pricing and not adapted to the new generation of customers who are currently developing, the opportunities to grow wealth.”
Expand Product Suite to suit request
Since our Last CoverageDjamo brings forward to the cards and peer-to-peer transfers. Ivoian Fintech is currently offering Settings Vaults, Investment Products – Thanks for the first finsech issuance-issued region, seen by Bourgi to enable customer involvement.
Like many neebanks, Djamo attracts involved users who treat it as a second account for smooth bill charge and mobile joining. But this is still unpopular, it is harder to activate, showing more prolonged potential. These users, consisting of more than 55% of Djamo’s base, often treating the app as their main financial services.
Bourgi says nine to ten users who depend on Djamo as their primary account from this feature. To reach more of them, Djamo adopted Hybrid approachwhich aggregates these apps in these offline agents meet with human customers to facilitate transactions, similar to the mobile money model adopted today in increased.
Today, only 5-10% of DJAMO users receive salaries through the app. “The next round is for us,” says Bourgi, “wonder how to move from 10% to 50% of our users are their paychecks in Djamo.”
Meanwhile, Djamo also ramps services for small businesses – about 10,000 of them, mostly began as retailers. According to CTO Bamba, the start now provides many payments, payment links, and QR code supplies to help entrepreneurs directly within the app.
Cintech makes from merchant bills to online card purchases and a premium tier plan, paid by 25% of users. Bamba added that the company explores additional income streams, including lending and earning interest in customer deposits. This is in the process of securing licenses that allow this to provide accounts to store interest and credit products.
Djamo’s founder says the company has grown in Revenue 5x since 2022 and processed more than $ 4.5 billion transactions since launches.
With recent Senegal development, Djamo entered a wave market, one of the largest fintechs of Africa known as Mobile Mobile mobile transfers. But instead of competing directly, DJAMO positions themselves as a complementary service, offering a digital banking experience in which users can store funds such as storage, investment, and honor users.
Today is a 250-person team, Djamo wages the new phase of the fund, led by Pan-Africa, helped these French language services.
“We enjoy leading the largest VC round of Ivory Coast and double in Djamo, a francophone’s enthusiastic service of Francoumata Bâ, Socter Chair of Janno Capital.
“In a region where fewer than 25% of adults have access to formal financial services, and where women are doubly excluded, this is a significant gender period.
Other investors involved in the round include Sanad Fund for MSMES (financially administered), Fighting, Oikocredit, Oikocredit, Enza Capital, and Completing Engine, and Y Commandinator.
