Djamo hits 1M active customers and raises $17M of equity to double down on digital-first banking services for users across Francophone Africa

Abidjan, Côte d’Ivoire, April 3rd, 2025 - Djamo, a financial services app revolutionizing mobile banking in francophone Africa has secured $17 million in an equity funding round to continue building its suite of banking services for consumers and SMEs .

The $17 million investment round was led by Janngo Capital, with participation from SANAD Fund for MSMEs (managed by Finance in Motion), Partech, Oikocredit, Enza Capital and Y Combinator. The new capital will enable Djamo to enhance its platform with best in class spending, saving, investing and borrowing features, delivering a seamless banking experience tailored to the needs of digital-first consumers.

“This investment is a major step toward our vision of building one of the most iconic financial services platforms in Francophone Africa”, said Hassan Bourgi, Co-founder & CEO of Djamo. “Millions of people in our region remain underserved by traditional banks or stuck in mobile money ecosystems without access to wealth-building and fair financing opportunities. We are committed to providing them with seamless, affordable, and innovative banking that truly meets their needs.”

“We are thrilled to lead the largest VC funding round in Ivory Coast and double down on Djamo, a mission-driven fintech transforming access to financial services across Francophone West Africa. Djamo serves 10,000 SMEs and over 1 million people in Ivory Coast and Senegal - 60% of whom were previously unbanked. In a region where less than a quarter of adults have access to formal financial services, and where women remain twice as likely to be excluded, this is a vital mission. With women representing a third of its users, Djamo is not only bridging the gender gap but also unlocking economic opportunities at scale. We are proud to support their vision to accelerate access to finance across the region, in a more equal way”, said Fatoumata Bâ, Founder and Executive Chair, Janngo Capital.

Founded by Regis Bamba and Hassan Bourgi, Djamo is building the future of banking for the next generation of African consumers. By bridging the gap between traditional banking systems and the financial needs of digital natives, Djamo offers simple, affordable, and mobile-first banking solutions. Since its launch in 2021, the company has expanded its operations in Côte d’Ivoire and Senegal, rapidly growing its customer base to over 1 million customers and 10,000 SMEs.

“Supporting SMEs is vital for economic stability and growth in the fund’s target regions of MENA and select countries in SSA, and especially so in vibrant regions like Western Africa,” said SANAD Board Chairperson Dr. Daniela Beckmann. “The SANAD Fund's contribution underscores our commitment to fostering inclusive financial ecosystems and empowering small businesses through innovative solutions. We believe this partnership will help drive inclusive financial services to local entrepreneurs across the region.”

Djamo offers a complete range of services, including a personal account with a bank rooting number and a Visa card, both free of monthly fees or overdraft charges. Users can also access automated savings, an investment platform, and business banking solutions for SMEs, all through a single app. The company has recently expanded its transfer-in options by allowing users to deposit funds directly with an agent at no cost, eliminating the need to visit bank branches or transfer from mobile money with additional fees. Additionally, Djamo is in the process of securing licenses that will enable it to offer essential banking services such as interest-bearing savings, and lending capabilities.

“Oikocredit is committed to continue supporting Djamo through this additional investment. Since our first investment in 2022, Djamo’s founders and team have shown an impressive execution capability. We are well aligned with Djamo’s mission to provide a wide range of affordable financial services to the unbanked population in West Africa,” said Sébastien Rigaud, Head of Equity investments for Africa at Oikocredit.

About Djamo

Djamo is a financial app designed for consumers and small businesses in Francophone Africa, where banking access remains limited, with less than 25% of adults holding a bank account. Djamo's mission is to build the bank of the future for Africa, offering simple, affordable, and accessible financial services to millions across the region.

www.djamo.com

About Janngo

Janngo builds, grows and invests in pan-African digital champions with proven business models and inclusive social impact. We believe that technology & capital can leapfrog development and achieve SDGs in Africa. Janngo Capital operates Africa’s largest gender equal technology fund, investing up to €5m in startups solving key market failures while creating green jobs, particularly for women & youth. Our portfolio companies are 56% female-led, 67% francophone and include soonicorn Sabi and fintech champion Expensya. We operate under a full Alternative Investment Fund Management license with main offices in Abidjan, Paris and Mauritius. We are sector agnostic and our portfolio spans across healthcare, logistics, financial services, retail, food & agri, mobility and the creative industries. Janngo Capital is the recipient of the 2023 Gender Equality Award of the Africa CEO forum.

www.janngo.africa

About Finance in Motion :

Founded in Germany, with local expertise from Latin America to Eastern Europe, Finance in Motion has been investing in emerging markets for over 20 years. Since inception, the fund has invested across 8.1 billion euros in 44 high-growth economies, working with 193 local financial institutions to finance businesses that are fit for the future. Finance in Motion also works directly with corporates and provides project financing.

The SANAD fund for MSMEs through its debt and equity sub-funds is focused on providing financing solutions to small and medium-sized enterprises (SMEs) in emerging markets through financial intermediaries. The fund aims to promote sustainable development by offering access to funding  for businesses that contribute to job creation, poverty reduction, and economic growth. SANAD combines innovative financial instruments with a strong emphasis on social impact to drive positive change in underserved markets.

https://www.finance-in-motion.com/

About Oikocredit

Social impact investor and worldwide cooperative, Oikocredit has 50 years of experience funding organisations active in financial inclusion, agriculture and renewable energy. Oikocredit's loans, equity investments and capacity building aim to enable people on low incomes in Africa, Asia and Latin America to improve their living standards sustainably.

Oikocredit finances over 500 partners, with total development financing capital outstanding of approx. € 1.1 billion (at 31 December 2024).

https://www.oikocredit.org/

Press contacts:
press@djamo.io