Djamo, a neobanking startup serving the underbanked market in Francophone West Africa, has announced the close of a $17 million funding round.
This equity round is the largest ever for an Ivorian startup and surpasses Djamo’s $14 million Series A round it closed in 2022.
Djamo focuses on Francophone West Africa, specifically the Ivory Coast and just recently Senegal. It is available to both consumers and small businesses and reportedly has 1 million users.
Its target is a growing segment of users, mostly younger customers, who’ve outgrown mobile money wallets but still find traditional banks expensive, outdated, or inaccessible, the founders say.
“These users are evolving,” says co-founder and CEO Hassan Bourgi. “But they don’t want to go where their parents went, into institutions with predatory pricing and aren’t adapted to the new generation of customers. And this is what we are building, trying to become the go-to bank for this huge cohort of customers that is evolving now to more complex, wealth-building financing opportunities.”
The fintech generates revenue from merchant fees on online card purchases and a premium tier plan, which 25% of users pay for.
“We are thrilled to lead the largest VC round in Ivory Coast and double down on Djamo, a mission-driven fintech transforming access to financial services across Francophone West Africa,” concluded Fatoumata Bâ, founder and executive chair of Janngo Capital.
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