Y Combinator-backed startup, Djamo, just raised $17 million in its latest funding round. This funding marks the largest equity round for an Ivorian startup.
The startup plans to expand its product suite for both retail users and small businesses.
Why it matters
- Many African fintechs lean on mobile money, which dominates financial transactions but lacks access to credit, investments, or long-term savings.
- Djamo is positioning itself between mobile money and traditional banks—offering affordability and accessibility while unlocking advanced financial tools.
By the numbers
- Djamo’s latest funding round surpasses its $14 million Series A in 2022.
- Mobile money penetration in Sub-Saharan Africa hit 28% in 2022, per the World Bank, but growth is slowing.
What they’re saying
“These users are evolving,” said CEO Hassan Bourgi. “They don’t want to go where their parents went—institutions with predatory pricing that aren’t adapted to the new generation.”
What’s next
With a doubled valuation since its last raise, Djamo is aiming to become the go-to digital bank for West Africa’s emerging middle class.
Source: Techcrunch
