Goldman Sachs and others raise almost $150 million for SA start-up

Goldman Sachs and others raise almost $150 million for SA start-up

- Goldman Sachs and other investors have joined forces to raise funds for Jumo, a South African startup

- In total, the technology startup has received $146 million in capital for expansion

- Jumo operates in six markets and has released over $1 billion in loans

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A fintech startup based in South Africa, Jumo, has raised millions of dollars with the help of a group of investors.

Jumo initially raised $52 million in 2018 with the help of Goldman Sachs and soon expanded to Asia.

It recently confirmed it has closed a $55 million round from a number of investors and indicated that, “This fresh investment comes from new and existing investors including Goldman Sachs, Odey Asset Management and LeapFrog Investments.”

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Goldman Sachs and others team up to raise almost $150 million for South African startup

Source: UGC

Jumo was founded in 2015 and is located in Cape Town. The company offers a variety of technological solutions for savings, lending and insurance products for customers in emerging markets.

It intends to move into new markets and release new products in Africa and Asia.

According to the founder, Andrew Watkins-Ball, the recent developments make the next phase exciting as it helps repositions the company to build a better business profile and explore new areas.

Jumo is active in six markets and has disbursed over $1 billion loans and served over 15 million people and small businesses.

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Meanwhile, Herman Mashaba says he has been flooded with requests to transform his movement into a fully-fledged political party.

The former DA mayor says voters are looking for an alternative to the parties dominating the political landscape.

This new party could be launched as early as June, following a report on the submissions made by citizens.

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