Ivorian fintech startup Djamo has raised $17 million in a major funding round, marking a significant milestone in Francophone Africa’s fintech evolution. With over 1 million users across Côte d’Ivoire and Senegal, Djamo is redefining access to financial services for underbanked populations by bridging the gap between mobile money and traditional banking.
Founded in 2020 by CEO Hassan Bourgi and Chief Product and Technical Officer Régis Bamba, Djamo was created to address the financial access challenges in French-speaking West Africa. Traditional banks in the region primarily serve high-income customers, leaving many people reliant on basic mobile money services. Djamo’s mission is to fill this gap by providing affordable and accessible financial solutions tailored to the region’s unique needs.
The fintech’s growth has been fueled by its customer-centric approach, offering services beyond simple transactions. Djamo provides peer-to-peer transfers, payment cards, savings vaults, and investment products, empowering users with more control over their finances. Notably, Djamo made history by obtaining Francophone Africa’s first fintech-issued brokerage license, allowing it to offer investment opportunities that were previously inaccessible to most people in the region.
Djamo’s latest $17 million funding round is the largest ever for an Ivorian startup, surpassing its $14 million Series A raise in 2022. This fresh capital injection will enable the company to accelerate its expansion, enhance its offerings, and reach more underbanked individuals. The investment also signals growing confidence in Francophone Africa’s fintech sector, which has often been overshadowed by more mature ecosystems in Nigeria, Kenya, and South Africa.
Djamo’s rise reflects the increasing demand for inclusive banking solutions in Francophone Africa, where traditional banking infrastructure remains limited. By leveraging digital technology and tailoring services to local needs, Djamo is not only reshaping financial access but also setting a precedent for other fintech startups looking to make an impact in the region.
As Djamo continues to expand, its success highlights the transformative potential of fintech in bridging financial gaps and promoting economic empowerment in Africa’s underbanked communities.
