Djamo, a financial services app based in Ivory Coast that is transforming mobile banking in Francophone Africa, has raised US $17 million in equity funding to expand its range of banking services for consumers and small businesses.
Regis Bamba and Hassan Bourgi founded the financial app Djamo in 2021 with the goal of serving small businesses and consumers in Francophone Africa. Djamo provides straightforward, reasonably priced, and mobile-first banking solutions by bridging the gap between traditional banking systems and the financial requirements of digital natives.
The business has opened offices in Senegal and Ivory Coast, quickly increasing its clientele to 10,000 SMEs and more than 1 million customers. With the help of Y Combinator, Partech, Oikocredit, Enza Capital, SANAD Fund for MSMEs, and Janngo Capital, it has now raised US$17 million in an equity round.
In order to provide a smooth banking experience that meets the demands of customers who are digital natives, Djamo will use the additional funds to improve its platform with best-in-class features for borrowing, investing, saving, and spending.
“This investment is a major step toward our vision of building one of the most iconic financial services platforms in Francophone Africa,” said Hassan Bourgi, co-founder and CEO of Djamo.
“Millions of people in our region remain underserved by traditional banks or stuck in mobile money ecosystems without access to wealth-building and fair financing opportunities. We are committed to providing them with seamless, affordable, and innovative banking that truly meets their needs.”
The founder and executive chair of Janngo Capital, Fatoumata Bâ, expressed her excitement about spearheading the biggest venture capital funding round in Ivory Coast and doubling down on Djamo.
“Djamo serves 10,000 SMEs and over 1 million people in Ivory Coast and Senegal – 60 per cent of whom were previously unbanked. In a region where less than a quarter of adults have access to formal financial services, and where women remain twice as likely to be excluded, this is a vital mission,” she said. “With women representing a third of its users, Djamo is not only bridging the gender gap but also unlocking economic opportunities at scale. We are proud to support their vision to accelerate access to finance across the region, in a more equal way.”
