djamo It is one of several digital banking startups targeting Africa’s underdebted debt. But unlike many large markets focused on Nigeria, Egypt or South Africa, Jamo has carved a niche in French-speaking West Africa, especially like the Coast of Gourmet, and recently Senegal, which now serves over a million customers.
Y Portfolio has just raised $17 million to expand its product suite for retail customers and for thousands of small businesses over the past two years.
Stock Round, the largest Ivorian startup ever, Overtake Djamo’s $14 million Series A In 2022, it reflects investors’ confidence in the tasks it makes banking accessible.
Co-founder and CEO Hassan Bourgi Refuse to share the new valuation, but says it has doubled since the last pay raise.
Bulge and Chief Product and Technical Officer founded DJAMO Régis Bamba In 2020, in order to close the financial visit gap in French-speaking African countries, Very few adults Have a bank account. Traditional banks in the region often cater to wealthy people, which makes most of the population rely on mobile currencies, a cheaper way to do financial transactions using phone numbers.
Mobile funds play a role in expanding financial access in Africa. As of 2022, 28% of adults in sub-Saharan Africa have a mobile currency account, World Bankthe region has more than half of the world’s total. However, this progress also creates a ceiling.
Most mobile currency platforms offer basic services: cash, cash, P2P transfers and bill payments. Although useful, they do not unlock more advanced financial tools such as credit, investment or long-term savings.
DJAMO positions itself between mobile currency and traditional banking. The startup provides accessibility to mobile funds through the financial depth of its bank accounts, a similar script that SoftBank-backed Opay and Transsion-owned Palmpay once used to expand to tens of millions of customers in Nigeria.
The founders say it aims to have more and more users (most of the younger customers) who have surpassed their mobile currency wallets but still find traditional banks expensive, outdated or inaccessible.
“These users are constantly evolving,” Burget said. “But they don’t want to go where their parents go, enter the institution at predatory pricing, not for the next generation of customers. That’s what we’re building, trying to be this huge client, is now developing into more complex, more wealth-building financing opportunities.”
Expand the product suite to suit your needs
Since our The final reportDJAMO goes beyond card and point-to-point transfer. Ivorian Fintech now offers savings vaults, investment products, thanks to the region’s first-ever brokerage license issued by fintech and salary-connected bank accounts, which Burget believes is crucial to fostering customer engagement.
Like many Neobanks, DJAMO attracts users of banks who see it as a secondary account involving bill payments and mobile currency integration. But this is without an account and harder to activate, and they show greater long-term potential. These users make up more than 55% of the DJAMO base and often view applications as their primary financial services.
Burget said nine out of ten users rely on DJAMO as its primary account from the segment. To achieve more information, Djamo adopted Mixed methodcombining its app with offline agents, they meet customers in person to facilitate transactions, similar to the mobile currency model now adopted by fintech companies across the continent.
Currently, only 5-10% of DJAMO users receive salaries through the app. “For us, the next phase is figuring out how to get their salary directly to 10% of DJAMO users to rise to 50%,” Burget said.
Meanwhile, DJAMO is also adding services to small and small businesses, with 10,000 of them, many of whom were initially retail users. According to CTO BAMBA, the startup now offers bulk payments, payment links and QR code tools to help merchants accept and manage payments directly in the app.
Fintech generates revenue from online card purchase merchant fees and premium tier plans, where 25% of users pay. BAMBA added that the company is exploring additional revenue streams, including loans to customer deposits and earning interest. It is in the process of obtaining a license that it will allow it to offer savings accounts and credit products with interest.
The founder of DJAMO said the company’s revenue has increased fivefold since 2022, and the company’s transactions have exceeded $4.5 billion since its launch.
With its recent expansion to Senegal, Djamo has entered a market dominated by Wave, one of Africa’s largest fintechs known for its low-cost mobile currency transfers. However, instead of direct competition, DJAMO positioned itself as a complementary service, providing a digital banking experience where users could store funds and access more advanced tools such as savings, investments and credit.
DJAMO is now a team of 250, betting on its new round of funding, led by gender-focused VC Janngo Capital, will help it expand in French-speaking Africa.
Fatoumata Bâ, founder and executive director of Janngo Capital, said: “We are delighted to lead Ivory Coast’s largest venture capital round and have received a double reduction from DJAMO on DJAMO.
“In an area where less than 25% of adults receive formal financial services and women are excluded, this is a crucial task. Since women make up one-third of their users, DJAMO not only closes the gender gap, but also unlocks economic opportunities.”
Other investors participating in the round include MSMES’s SANAD Fund (managed by Finance In Motion), Parttech, Oikocredit, Enza Capital and Y Combinator.
