By Chisom Nwatu
Djamo, a Fintech startup based in Cote d’Ivoire, has raised $14 million in a funding round to expand into two new Francophone countries and also expand its product portfolio before the end of 2023.
Djamo raised the new funds from Y Combinator and three lead investors — Enza Capital, Oikocredit and Partech Africa. Other participants in the funding round lnclude Janngo Capital, P1 Ventures, Axian and Launch Africa.
Founded by Hassan Bourgi and Regis Bamba in 2019, Djamo is a financial super app for consumers in Francophone Africa providing financial services for the underbanked and unbanked population. Last year, it became the first startup from Cote d’Ivoire to get backing from Y Combinator.
Also, the startup has been able to introduce products that solve the basic financial issues that face most people in Cote d’Ivoire, including the Visa-powered debit card that lets users make online purchases on sites such as Amazon, Alibaba, or Netflix, virtual accounts for peer-to-peer transactions, a product to receive salaries, and an autosaving product that offers guidance into customers’ financial goals.
“Francophone Africa offers a large integrated market, with [a] fast-growing demand for frictionless services from a new cohort of digital-native young adults. We are excited to join forces with high-caliber local investors who bring sector and regional expertise to enable Djamo to unlock this opportunity,” Tidjane Deme, general partner at Partech Africa, said on the investment.
The startup also claims to have around 500,000 registered users and has processed over $400 million since inception.
