On Thursday, Ivorian fintech startup Djamo announced that it had raised $17 million in equity funding to expand its digital banking services across Francophone West Africa.
This funding round, led by Janngo Capital, marks the largest ever for an Ivorian startup, bringing Djamo’s total equity funding to over $31 million.
Djamo: Mobile-banking bridge for 1 million users.
Djamo is positioned as a bridge between mobile money and traditional banking, offering accessible and comprehensive financial services to underbanked individuals and small businesses. The company serves over 1 million users in Côte d’Ivoire and Senegal, providing savings tools, investment products, and salary-linked accounts.
Djamo’s innovative approach has resonated with users, with 55 percent of previously unbanked users and 90 percent using Djamo as their primary account.
“This investment is a major step toward our vision of building one of the most iconic financial services platforms in Francophone Africa,” said Hassan Bourgi, Co-founder & CEO of Djamo. “Millions of people in our region remain underserved by traditional banks or stuck in mobile money ecosystems without access to wealth-building and fair financing opportunities. We are committed to providing them with seamless, affordable, and innovative banking that truly meets their needs”.
Djamo gains capital for product and regional growth
The new capital will support Djamo’s regional expansion and product development, including the launch of lending and interest-bearing savings products as it secures additional licenses.
Djamo aims to increase the share of users receiving their salaries through its platform from 5-10 per cent to 50 per cent. Since its launch, the company has processed over $4.5 billion in transactions and onboarded over 10,000 small businesses.
With a doubled valuation since its last funding round, Djamo is poised to become a leading digital bank for Francophone Africa’s emerging middle class.