Djamo raises $14 million in equity funding
Djamo, a personal finance startup established in Abidjan, Côte d’Ivoire, has secured $14 million in equity investment.
Janngo Capital, P1 Ventures, Axian, and Launch Africa also participated in the round, which was co-led by Enza Capital, Oikocredit, and Partech Africa.
With these funds, the firm plans to enter new markets and complete its array of personal financial services, giving its consumers in the area even more agency and choice.
Djamo, a personal financial app, was co-founded by Regis Bamba and Hassan Bourgi to serve the underbanked population of French-speaking Africa. The company’s goal is to provide hundreds of millions of people in the African Francophone area with easy and inexpensive financial services. Djamo is a mobile-first bank that collaborates with local institutions to provide a checking account and Visa debit card to new customers within 2 business days, with no minimum balance requirement and no overdraft fees.
To supplement the current local and cross-border payment offer accessible with the App and card, the business has launched three new services this year: virtual accounts, automated saving, and a product to receive paychecks.