Topics
recent
AI
Amazon
Image Credits:Djamo
Apps
Biotech & Health
Climate
Image Credits:Djamo
Cloud Computing
Commerce
Crypto
enterprisingness
EVs
Fintech
Fundraising
Gadgets
gage
Government & Policy
Hardware
layoff
Media & Entertainment
Meta
Microsoft
Privacy
Robotics
surety
societal
Space
startup
TikTok
Transportation
speculation
More from TechCrunch
event
Startup Battlefield
StrictlyVC
Podcasts
Videos
Partner Content
TechCrunch Brand Studio
Crunchboard
Contact Us
Djamois one of several digital banking startup place Africa ’s underbanked . But unlike many that focalise on large markets like Nigeria , Egypt , or South Africa , Djamo has carved out a niche in Francophone West Africa , specifically the Ivory Coast and , more recently , Senegal . It now serve over 1 million customers across both countries .
The Y Combinator - backed fintech just lift $ 17 million to expand its product suite for these retail customers and the chiliad of small job it has onboarded in the last two years .
The fairness round , the big ever for an Ivorian startup , go by Djamo ’s $ 14 million Series Ain 2022 and speculate continued investor confidence in its charge to make banking approachable and low-priced .
atomic number 27 - founder and CEOHassan Bourgideclined to share the new evaluation but said it has doubled since the last raise .
Bourgi founded Djamo with principal product and technical officerRégis Bambain 2020 to close up the financial access gap in French - speak African commonwealth , where few adultshave bank score . Traditional bank in the region often ply to the moneyed , pass on most of the population reliant on mobile money , a cheaper method acting that includes using phone number to make financial transactions .
Mobile money has been instrumental in expand financial access across Africa . As of 2022 , only 28 % of adult in sub - Saharan Africa had a mobile money account , perthe World Bank , and the realm holds more than one-half of the world ’s total . But that progress has also make a ceiling .
Most roving money platforms offer canonical services : John Cash - in , cash - out , P2P transfer , and banker’s bill payments . While utilitarian , they do n’t unlock more advanced financial tools like credit , investment funds , or farsighted - term savings .
Join us at TechCrunch Sessions: AI
Exhibit at TechCrunch Sessions: AI
Djamo is positioning itself between mobile money and traditional banking . The inauguration offers the accessibility of mobile money with the financial profundity of a depository financial institution accounting , a similar playbook that SoftBank - backed Opay and Transsion - owned PalmPay have used to scale to tens of millions of client in Nigeria .
Its quarry is a growing segment of user , mostly younger customers , who ’ve outgrown mobile money wallets but still find traditional bank expensive , superannuated , or inaccessible , the founding father say .
“ These exploiter are evolve , ” read Bourgi . “ But they do n’t require to go where their parent went , into institutions with predatory pricing and are n’t adjust to the novel generation of customers . And this is what we are construct , trying to become the go - to bank for this huge cohort of customers that is acquire now to more complex , wealth - edifice funding chance . ”
Expanding product suite to suit demand
Since ourlast insurance coverage , Djamo has inflate beyond cards and peer - to - equal transfers . The Ivorian fintech now offers savings vaults , investment funds products — thanks to the part ’s first fintech - issued brokerage permission — and salary - linked bank accounts , which Bourgi sees as significant to boost client engagement .
Like many neobanks , Djamo attracts banked users who treat it as a secondary accounting for smoother bill payments and mobile money integrating . But it ’s the unbanked , who are more hard to trigger , who show greater long - term electric potential . These users , who make up over 55 % of Djamo ’s base , often treat the app as their main financial service .
Bourgi says nine in 10 users who rely on Djamo as their principal explanation come from this segment . To achieve more of them , Djamo has adopt ahybrid approach , combining its app with offline agents who meet customers in person to alleviate transactions , standardised to the mobile money model now more broadly adopted by fintechs across the continent .
presently , only 5 % to 10 % of Djamo user receive salary through the app . “ The next phase for us , ” Bourgi say , “ is cypher out how to move from 10 % to 50 % of our user getting their wage paid direct into Djamo . ”
Meanwhile , Djamo is also ramping up service for small-scale clientele — about 10,000 of them , many of whom started as retail users . According to CTO Bamba , the startup now provides bulk payments , payment links , and QR code shaft to aid merchant accept and make do payments straightaway within the app .
The fintech mother tax income from merchant fees on online card purchase and a insurance premium tier architectural plan , which 25 % of user pay up for . Bamba tot up that the society is exploring additional revenue flow , including lending and garner pursuit on customer deposits . It is in the appendage of ensure licenses that will allow it to offer interest - bearing savings chronicle and credit products .
Djamo ’s founders say the society has grow gross 5x since 2022 and processed more than $ 4.5 billion in transactions since launch .
With its recent elaboration into Senegal , Djamo has move into a mart dominated by Wave , one of Africa ’s large fintechs known for low - cost mobile money transfer . But rather than contend directly , Djamo position itself as a complementary service , offering a digital banking experience where users can store funds and access more advanced tools like savings , investments , and credit .
Now a 250 - soul squad , Djamo is betting that its new round of funding , conduct by Pan - African , grammatical gender - focused VC Janngo Capital , will help oneself it scale those services across French - talk Africa .
“ We are thrilled to lead the enceinte VC stave in Ivory Coast and duplicate down on Djamo , a mission - labour fintech transform access to fiscal services across Francophone West Africa , ” said Fatoumata Bâ , founder and executive chair of Janngo Capital .
“ In a region where fewer than 25 % of adults have access to stately fiscal services , and where woman are doubly as potential to be excluded , this is a full of life mission . With char making up a third of its drug user , Djamo is not only closing the gender col but unlock economic opportunity at scale . ”
Other investor participating in the round admit SANAD Fund for MSMEs ( micro , small , and medium enterprises ) , supervise by Finance in Motion ; Partech ; Oikocredit ; Enza Capital ; and Y Combinator .
