YMO, a financial technology business based in Guinea, has secured €3 million in early investment from a consortium of venture capital funds.
The funding round is one of the largest for a startup in Guinea. With this large investment, the startup can grow exponentially, create a sustainable company that addresses actual needs and enhances the lives of its consumers
The CEO and co-founder of YMO, Abdoulaye Barry, has said that “this investment will enable us to continue our growth on a solid footing. Our long-term goal is to establish a sustainable company that provides a useful service to the public and significantly enhances the quality of life for our customers.
Breega’s and INCO Ventures’ backing strengthens our commitment to becoming a digital banking powerhouse in Africa such that we can help improve the lives of more than a billion people. All our appreciation goes to those who accompanied the important phases of our project”.
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With smartphone penetration in Africa predicted to hit 70% by 2024, this investment coincides with a period of rapid growth in mobile money transactions throughout the continent. YMO’s 100% digital solution is tailored toward using technology for money transfers and regular payments, putting it in a prime position to benefit from this development.
“Breega is a pan-European venture capital fund focused on high-impact start-ups, and they are pleased to back YMO as they roll out their services and help foster the growth of this exciting new business across the African continent. We’re confident in the importance of Fintechs, especially in bolstering Africa’s banking and monetary system by solving its deficiencies and producing new opportunities. According to Ben Marrel, CEO and co-founder of Breega, “the assistance offered to YMO is a component of this strategy, that of enhancing its presence in the market and becoming a significant player in West Africa”.
“YMO is a deserving component of the ultimate quality of impact Fintechs, which seek to provide access to financial services to underserved populations. INCO Ventures is excited to help propel this emerging African champion because of the company’s “ambition and financial inclusion,” said INCO Ventures’ Chief Investment Officer, Carole Cazassus.
Services offered by YMO
Founded in 2019 by Abdoulaye Barry, YMO was launched as an instant mobile payment service between France and Guinea. The company acquired its license to operate as an e-money issuer from the Central Bank of the Republic of Guinea in October 2022 and began offering its local payment service shortly afterwards.
The firm, which now has around 1 million users, intends to penetrate West Africa and provide financial inclusion services for Africans in both Africa and the diaspora in France and Europe. With the funds raised, the company plans to hire more people to work in technology and compliance, invest in research and development, and build up its compliance division throughout Europe and Africa.