Djamo, a neobanking startup serving the underbanked market in Francophone West Africa, has raised $17 million.
The latest funding round surpasses Djamo's $14 million Series A round in 2022, reflecting investor confidence in the startup's growth trajectory.
Available to consumers and small business in the Ivory Coast and Senegal, Djamo now counts one million users for its product suite, targeting younger consumers who's financial needs have extended beyond mobile money wallets.
In French-speaking markets, less than 25% of adults have bank accounts and are underserved by traditional banks who tend to focus on the more affluent segment of the population.
“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.”