Goldman Sachs et al. in $55m round for Jumo

Leapfrog is currently investing from its $700m LeapForg Emerging Markets Fund III, which closed in May 2019. The firm typically writes equity tickets of $10-50m.

The fundraise consists of both equity and debt funding, which is expected to go towards Jumo’s expansion into new markets and the launch of new products.

In March 2019, Unquote sister publication Mergermarket reported that the company intended to raise fresh funding to expand further in South-East Asia and South Asia.

Previous funding
The company received $6m in investment from Vostok Emerging Finance in December 2015. Anthemis Group made an undisclosed investment in 2014, as did LeapFrog Investments in 2016.

The Google Launchpad Accelerator provided $50,000 in non-equity financing in May 2017. Later that year, the Finnish Fund for Industrial Cooperation provided $24m in debt financing and the Mastercard Foundation provided a grant of $150,000.

Proparco invested $3m in the company in April 2018. In September 2018, Goldman Sachs led a $52m funding round, which saw the participation of Finnfund, Gemcorp, LeapFrog Investments, Vostok Emerging Finance and Proparco.

Odey Asset Management invested $12.5m in the company in December 2018.

Company
Founded in London in 2014, Jumo partners with financial services providers and mobile network operators to provide credit and savings products and services. The company employed 350 people as of March 2019.

People
Jumo – Andrew Watkins-Ball (founder, group CEO).

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• Topics
• Expansion
• UK / Ireland
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• Goldman Sachs
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• Fintech