Fintech start-up Jumo bags $17m from UK investor

South African fintech firm Jumo has secured US$12.5 million (S$17 million) from London-based investment firm Odey Asset Management, bringing total funds raised to more than US$103 million.

The investment marks the close of the company's most recent funding round.

In September, Jumo raised US$52 million in the round led by Goldman Sachs and supported by France's French Development Agency subsidiary Proparco, as well as Finnfund, Vostok Emerging Finance, Gemcorp Capital and LeapFrog Investments.

Jumo manages a platform that provides financial services, such as loans and savings products, from partner banks to individuals and small businesses in emerging markets via mobile phones.

A potential borrower's credit risk profile is generated from behavioural data gathered through mobile networks. This helps banks that do not have data on these people to determine a credit score.

The firm said the additional funds will be used to further develop its technology platform and for expansion in Africa and Asia.

Jumo set up its Asia-Pacific headquarters in Singapore earlier this year and plans to enter several new Asian markets next year. It has offices in Kenya, Uganda, Tanzania, Ghana, Zambia, Pakistan, Britain and South Africa.

A version of this article appeared in the print edition of The Straits Times on December 14, 2018, with the headline 'Fintech start-up Jumo bags $17m from UK investor'. Print Edition | Subscribe