Ambitious It is one of the many digital banking newly formed that target Africa’s submarine. But unlike many focusing on major markets such as Nigeria, Egypt or South Africa, Djamo has drawn a place in France West Africa, specifically on the coast of ivory and, more recently, Senegal. It now serves over 1 million customers in both countries.
Fintech supported by Y Combinator has set just $ 17 million to expand the products suite for these retail customers and the thousands of small businesses that have been boarded in the last two years.
The shares tour, the largest for a start -up of C ivory, exceeds Djamo’s $ 14 million in 2022 and reflects the continued trust of investors in its mission to make banking accessible and affordable.
Co -founder and CEO Hassan Bougie He refused to share the new valuation, but said he had doubled by the latest increase.
Bourgi founded Djamo with Chief Product and Technical Officer Régis baMba In 2020 to close the gap of financial access to French African countries, Where few adults You have bank accounts. Traditional banks in the area often cover the wealthy, leaving most of the population dependent on mobile money, a cheaper method that includes the use of telephone numbers to create financial transactions.
Mobile money money has contributed to expanding financial access to the whole of Africa. By 2022, only 28% of adults in sub -Saharan Africa had a mobile account, per The World BankAnd the area holds more than half of the whole world. But this progress has also created a ceiling.
Most mobile platforms offer basic services: cash, cash, P2P transfers and bill payments. While useful, they do not unlock more advanced financial tools such as credit, investment or long -term savings.
Djamo is placed between mobile money and traditional banking. The start offers the accessibility of mobile money with the financial depth of a bank account, a similar Playbook that Opay supported by Softbank and Palmpay that are being transported have been used to escalate to tens of millions of clients in Nigeria.
Its goal is a growing part of users, mainly younger customers, who have overcome mobile money wallets, but still find traditional banks expensive, outdated or inaccessible, the founders say.
“These users are evolving,” Bourgi said. “But they do not want to go where their parents went, to predatory pricing institutions and are not adapted to the new generation of customers and that is what we build, trying to become the bank for this huge group of customers now evolving into more complex wealth funding opportunities.”
Expansion of Product Suite that fits in demand
Since our latest coverage, Djamo has expanded beyond the cards and transport transport. Ivorian Fintech now offers savings domes, investment products-Thanks in the area’s first mediation license-and bank accounts linked to wages, which Bourgi considers to be important to enhance customer involvement.
Like many neobanks, Djamo attracts banknoted users who treat it as a secondary account for smoother account payments and incorporation of mobile money. But it is the non -useful, which is more difficult to activate, which have greater long -term capabilities. These users, who make up more than 55% of the Djamo base, often treat the application as their main financial service.
Bourgi says nine in 10 Djamo -based users as their main account comes from this section. To approach more of them, Djamo has adopted a hybrid approach, combining its application with off -connection agents that meet customers in person to facilitate transactions, similar to the mobile money model adopted more widely by Fintechs throughout.
Currently, only 5% to 10% of Djamo users receive wages through the application. “The next phase for us,” Bourgi said, “calculates how to move from 10% to 50% of our users to get their salaries paid directly to Djamo.”
Meanwhile, Djamo also increases the services for small businesses – about 10,000 of them, many of whom have started as retail users. According to CTO Bamba, the start now provides mass payments, payment links and QR code tools to help traders accept and manage payments directly to the application.
Fintech generates revenue from commercial remuneration on card markets and high quality plan, which 25% of users pay. Bamba adds that the company is investigating additional revenue flows, including lending and interest that earns customer deposits. It is in the process of securing licenses that will allow him to provide interest -saving bills and credit products.
Djamo’s founders say the company has developed revenue 5 times from 2022 and has processed more than $ 4.5 billion in trading since the start.
With its recent expansion to Senegal, Djamo entered a market dominated by Wave, one of the largest fintechs of Africa known for low -cost mobile money transfers. But instead of competing immediately, Djamo is placed as an additional service, offering a digital bank experience where users can store funds and have access to more advanced tools such as savings, investment and credit.
Now a group of 250 people, Djamo bets that his new funding round, led by Pan-AFRICAN, VC Janngo Capital, will help escalate these services throughout French Africa.
“We are excited to drive the largest VC round on Ctregated Coast and double Djamo, a mission that turns access to financial services across the West Africa of Francophone,” said Fatoumata Bâ, Founder and Executive President of Janngo Capital.
“In an area where less than 25% of adults have access to official financial services and where women are twice as likely to be excluded. This is a vital mission.
Other investors involved in the round include the Sanad Fund for Msmes (small -small and medium -sized), managed by funding. Partch? Oikocredit? Enza Capital? and y Combinator.
