{"id":555338,"date":"2021-11-10T04:00:01","date_gmt":"2021-11-10T04:00:01","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/10\/uk-based-fintech-jumo-looks-to-open-its-doors-in-egypt\/"},"modified":"2021-11-10T04:00:01","modified_gmt":"2021-11-10T04:00:01","slug":"uk-based-fintech-jumo-looks-to-open-its-doors-in-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/10\/uk-based-fintech-jumo-looks-to-open-its-doors-in-egypt\/","title":{"rendered":"UK-based fintech JUMO looks to open its doors in Egypt"},"content":{"rendered":"

<\/a> South Africa and London-based fintech company <\/strong>JUMO<\/a><\/strong> is considering an <\/strong>expansion into Egypt<\/strong>, CEO Andrew Watkins-Ball told the Financial Times<\/a>. The company announced earlier this week that it had raised USD 120 mn<\/a> in its latest funding round led by Fidelity Management & Research Company, which it will use to scale its platform and fund an expansion to Nigeria and Cameroon. The fintech player is currently actively operating in six African countries \u2014 Ghana, Tanzania, Kenya, Uganda, Zambia and Ivory Coast \u2014 and Pakistan. The funding round raised the company\u2019s value to USD 400 mn, according to The Times<\/a>.<\/p>\n

What does JUMO do? <\/strong>Its platform facilitates banking services like savings, credit, and primarily lending, in emerging markets, where over 1.7 bn people<\/a> lack access to basic financial services. It also provides digital infrastructure and other services like underwriting and core banking to banks.<\/p>\n

It could serve loans to up to 150 mn customers:<\/strong> The company\u2019s current operational costs \u2014 USD 1 per customer a year \u2014 means it can realistically scale efficiently across a total addressable market of 150 mn customers, according to TechCrunch<\/a>. Since its launch in 2015, it has served over USD 3.5 bn in loans to over 18 mn customers, according to the company press release.<\/p>\n

Fintech is booming in Egypt: <\/strong>The number and scale of digital financial services offered in Egypt have grown massively in the past two years. Fawry became the country\u2019s first tech company to hit a EGP 1 bn<\/a> market cap last year, while digital lender MNT-Halan scored<\/a> the MENA region\u2019s largest fintech round ever this September. JUMO would join a host of other fintech companies operating in Egypt, including our friends at Kashat<\/a>, Khazna<\/a> and valU<\/a> as well as PayMob<\/a>, Fatura<\/a>, PayNas<\/a>, Moneyfellows<\/a>, ElGameya<\/a><\/sup> and state-owned, EGX-listed e-Finance \u2014 the list is nearly endless<\/p>\n

IN OTHER STARTUP NEWS-<\/strong><\/p>\n

Startup Noqood Holding<\/a><\/strong> is looking to get into consumer finance and non-banking financial services<\/strong>, co-founder Abdelrahman Ali said<\/a>. Noqood is targeting a EGP 20 mn credit line and is currently negotiating the rights to issue some 5k credit cards in partnership with Mastercard.<\/p>\n","protected":false},"excerpt":{"rendered":"

South Africa and London-based fintech company JUMO is considering an expansion into Egypt, CEO Andrew Watkins-Ball told the Financial Times. The company announced earlier this week that it had raised USD 120 mn in its latest funding round led by Fidelity Management & Research Company, which it will use to scale its platform and fund […]<\/p>\n","protected":false},"author":1,"featured_media":555339,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7323],"tags":[7106,72,183],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-555338","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fintech","tag-debt","tag-enterpriseam","tag-fintech","wpautop","entry"],"acf":{"mongo_id":"f42fcd51-a077-4529-a8bb-4b07783f8ff2","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/11\/395.jpg","photo_position":"above","related_issue":[555326],"teaser":"","voice_url":""},"yoast_head":"\nUK-based fintech JUMO looks to open its doors in Egypt - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/11\/10\/uk-based-fintech-jumo-looks-to-open-its-doors-in-egypt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UK-based fintech JUMO looks to open its doors in Egypt\" \/>\n<meta property=\"og:description\" content=\"South Africa and London-based fintech company JUMO is considering an expansion into Egypt, CEO Andrew Watkins-Ball told the Financial Times. 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African investor Mbuyu Capital and Nordic fund Alder Tree Investments also\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/226.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572354,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/22\/egyptian-fintech-startup-moneyfellows-raises-usd-4-mn-in-series-a-round\/","url_meta":{"origin":555338,"position":1},"title":"Egyptian fintech startup MoneyFellows raises USD 4 mn in series A round","author":"enterpriseam admin","date":"22 June 2020","format":false,"excerpt":"STARTUP WATCH- Egyptian fintech startup MoneyFellows has raised USD 4 mn in series A funding from Sawari Ventures and Partech, according to an emailed statement (pdf). MoneyFellows plans to use the funds to finance its expansion in Africa, as well as the roll-out of a \u201cslew of new products in\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":544846,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/23\/fintech-outfit-flapkap-raises-usd-1-2-mn-in-funding\/","url_meta":{"origin":555338,"position":2},"title":"Fintech outfit FlapKap raises USD 1.2 mn in funding","author":"enterpriseam admin","date":"23 March 2022","format":false,"excerpt":"MEA fintech startup FlapKap has raised USD 1.2 mn in a funding round led by tech fund A15, according to a company press release(pdf). FlapKap, which bills itself as the first company of its kind in the region, offers AI-based insight to \u201chelp optimize advertising spending\u201d for e-commerce and SaaS\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":553634,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/moneyfellows-raises-usd-31-mn-in-series-b-funding\/","url_meta":{"origin":555338,"position":3},"title":"MoneyFellows raises USD 31 mn in series B funding","author":"enterpriseam admin","date":"31 October 2022","format":false,"excerpt":"MoneyFellows closes bumper series B round: Egyptian fintech startup MoneyFellows has raised USD 31 mn in a series B funding round, it said in a statement(pdf) yesterday.Who invested: The round was led by CommerzVentures, Middle East Venture Partners (MEVP), and Arzan Venture Capital. Invenfin, National Investment Company (NIC) and existing\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/381.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565441,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/08\/paymob-raises-usd-18-5-mn-series-a-round\/","url_meta":{"origin":555338,"position":4},"title":"Paymob raises USD 18.5 mn series A round","author":"enterpriseam admin","date":"8 April 2021","format":false,"excerpt":"Payment gateway Paymob completed its series A round with USD 18.5 mn raised, the company said in a statement (pdf). Paymob raised USD 15 mn from existing investors in the second tranche of its series A led by UAE-based Global Ventures, A15, and the Dutch entrepreneurial development bank (FMO). Paymob\u2026","rel":"","context":"In "SPEED ROUND: STARTUP WATCH"","block_context":{"text":"SPEED ROUND: STARTUP WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/4\/374.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546261,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/10\/paymob-closes-usd-50-mn-series-b-round-wants-to-enter-gcc-this-year\/","url_meta":{"origin":555338,"position":5},"title":"Paymob closes USD 50 mn series B round, wants to enter GCC this year","author":"enterpriseam admin","date":"10 May 2022","format":false,"excerpt":"Paymob closes Egypt\u2019s largest ever fintech series B round: Fintech startup Paymob raised USD 50 mn in a series B round, it announced in a statement (pdf) yesterday, calling it the largest round of its type for an Egyptian fintech firm. The round was led by emerging market investor Kora\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/114.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/555338","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=555338"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/555338\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/555326"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/555339"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=555338"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=555338"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=555338"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=555338"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=555338"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}