Djamo is a digital banking startup that has set its sights on Africa’s underbanked population, with a particular focus on Francophone West Africa, specifically the Ivory Coast and Senegal. Boasting over 1 million customers across both countries, Djamo recently secured a $17 million equity round to expand its product offerings for retail customers and small businesses.
The latest funding round, the largest ever for an Ivorian startup, surpasses Djamo’s previous $14 million Series A in 2022, reflecting the continued investor confidence in its mission to make banking accessible and affordable in the region. While the exact valuation post-funding remains undisclosed, co-founder and CEO Hassan Bourgi mentioned that it has doubled since the last raise.
Founded in 2020 by Hassan Bourgi and Régis Bamba, Djamo aims to bridge the financial access gap in French-speaking African countries where a significant portion of the population lacks access to traditional banking services. While mobile money has played a crucial role in expanding financial access in the region, Djamo positions itself as a middle ground between mobile money platforms and traditional banks, offering a more comprehensive range of financial services.
Djamo has expanded its product suite beyond basic services like cards and peer-to-peer transfers to include savings vaults, investment products, and salary-linked bank accounts. The fintech has attracted both banked users looking for a secondary account and unbanked individuals who see the app as their primary financial service. To reach more unbanked users, Djamo has adopted a hybrid approach that combines its app with offline agents for in-person transactions.
Currently, only a small percentage of Djamo users receive their salaries through the app, and the company is focused on increasing this figure significantly. Additionally, Djamo is ramping up services for small businesses, providing tools like bulk payments, payment links, and QR codes to facilitate payments within the app.
With its recent expansion into Senegal, Djamo faces competition from Wave, a major player in the mobile money transfer space. However, Djamo positions itself as a complementary service, offering a digital banking experience with advanced financial tools like savings, investments, and credit. The recent funding round led by Janngo Capital aims to support Djamo’s expansion across French-speaking Africa.
Overall, Djamo’s mission-driven approach to transforming financial services in Francophone West Africa has garnered support from investors like Janngo Capital, SANAD Fund for MSMEs, Partech, Oikocredit, Enza Capital, and Y Combinator. With a growing team of 250 employees, Djamo is committed to closing the financial inclusion gap and unlocking economic opportunities for underserved populations in the region.
