South African fintech JUMO to expand in Asia with Goldman Sachs backing: Reuters
Summary
South Africa-based financial technology firm JUMO plans to expand in high-growth Asian markets after securing the backing of Goldman Sachs (GS.N) in an equity funding round, the company’s chief executive said.Headquartered in Cape Town, JUMO has offices in Kenya, Uganda, Tanzania, Rwanda, Ghana, Zambia and the United Kingdom.But it now operates in Pakistan, and CEO Andrew Watkins-Ball recently moved to JUMO’s Singapore office to lead the drive into Asia.Watkins-Ball said that the financial services sectors of a number of Asian markets are at similar stages of development to the African countries where JUMO has already registered success.“There is immense opportunity across Africa and beyond for JUMO to build on their successful track record developing digital marketplace infrastructure,” Goldman Sachs executive director Jules Frebault said.