Djamo, an Ivorian fintech startup led by Abidjan-based entrepreneur Hassan Bourgi, has raised $14 million in investor funding as it prepares to scale its operations and strengthen its infrastructure and presence across the region.
The news comes nearly 10 months after the consumer finance app became the first Cote d’Ivoire startup to receive backing from Y Combinator, a U.S.-based technology startup accelerator founded in March 2005.
In addition to Y Combinator, Enza Capital, Oikocredit, and Partech Africa joined other participating investors such as Janngo Capital, P1 Ventures, Axian, and Launch Africa to raise $14 million for the fintech startup as it continues to disrupt the financial services industry in the region.
The investment is the largest-ever equity round for a startup in Djamo’s home market of Cote d’Ivoire. The funding will allow the startup to expand into new markets as it continues to develop a full suite of personal finance services to better empower its customers across the region.
Djamo was founded in 2019 by Bourgi, an Abidjan-based entrepreneur, and Regis Bamba, an Ivorian professional with a stellar career with MTN Cote d’Ivoire, to provide access to simple, affordable, and mobile-first banking for the region’s hundreds of millions of residents.
In keeping with its commitment to addressing a clear problem in West Africa, where less than 25 percent of adults have bank accounts, Djamo has partnered with regional banks to provide a frictionless mobile-first service, delivering a Visa card within two days of opening an account and charging no monthly fees or overdraft fees.
This year, the startup launched three new services, increasing customer value by offering virtual accounts, automatic savings, and a product to receive salaries, in addition to the existing local and cross-border payment options available via the App and card.
Since its inception more than two years ago, the startup has registered over 500,000 customers and processed more than $400 million in transactions.
