Djamo Raises $17M to Expand Digital Banking in Francophone Africa
TLDR
- Ivorian fintech Djamo has raised $17 million in equity funding to scale its digital banking services across Francophone West Africa
- The round, led by Janngo Capital, is the largest ever for an Ivorian startup and brings Djamo’s total equity funding to over $31 million
- he company targets underbanked individuals and small businesses with a product offering that sits between mobile money and traditional banking
Ivorian fintech Djamo has raised $17 million in equity funding to scale its digital banking services across Francophone West Africa. The round, led by Janngo Capital, is the largest ever for an Ivorian startup and brings Djamo’s total equity funding to over $31 million.
Djamo, which launched in 2020, serves more than one million users in Côte d’Ivoire and Senegal. The company targets underbanked individuals and small businesses with a product offering that sits between mobile money and traditional banking. It includes savings tools, investment products, and salary-linked accounts.
Only 5–10% of users currently receive their salaries through Djamo, but the company aims to grow that share to 50%. Revenue has increased 5x since 2022, with more than $4.5 billion in transactions processed since launch. The new capital will support regional expansion and product development. Djamo plans to launch lending and interest-bearing savings as it secures additional licenses.
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Points clés à retenir
Djamo’s success highlights the growing fintech opportunity in Francophone West Africa, a region often overlooked by global investors. Unlike Nigeria or Kenya, where fintech activity is concentrated, markets like Côte d’Ivoire and Senegal have lower formal banking penetration but high mobile money usage. Djamo’s model targets users transitioning from mobile money to more advanced financial tools. This includes savings, investment, and salary-linked accounts, features unavailable on most mobile wallets. Over half of Djamo’s users are unbanked, with 90% using the app as their primary financial account. The startup’s hybrid approach—digital-first with offline agents—mirrors the strategy used by mobile money operators and addresses infrastructure gaps. Djamo is also expanding its offering to 10,000 small businesses with tools for digital payments and merchant services. The firm’s focus on financial inclusion, particularly for women, aligns with growing investor interest in mission-driven fintechs. Francophone Africa is emerging as the next key fintech growth region as the sector matures.
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