Goldman Sachs and others team up to raise almost $150 million for South African startup

Goldman Sachs and others team up to raise almost $150 million for South African startup

- Goldman Sachs and other investors have joined forces to raise funds for Jumo, a South African startup

- In total, the technology startup has received $146 million in capital which would be used for expansion into Africa and Asia

- Jumo operates in six markets and has released over $1 billion loans and served over 15 million people and small businesses

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A fintech startup based in South Africa, Jumo, has raised millions of dollars with the help of a group of investors.

Jumo initially raised $52 million in the year 2018 with the help of Goldman Sachs and soon expanded to Asia.

It recently confirmed it has closed a $55 million round from a number of investors and indicated that “this fresh investment comes from new and existing investors including Goldman Sachs, Odey Asset Management and LeapFrog Investments.”

Goldman Sachs and others team up to raise almost $150 million for South African startup

Source: techcrunch.com
Source: UGC

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Jumo, founded in 2015 and located in Cape Town, South Africa, offers a variety of technology solutions for build savings, lending, and insurance products for customers in emerging markets.

Per a techcrunch report, Jumo has raised a total of $146 million in capital.

It, therefore, intends to move into new markets and release new products in Africa and Asia.

According to the founder, Andrew Watkins-Ball, the recent developments make the next phase exciting as it helps repositions the company to build a better business profile and explore new areas.

Jumo is active in six markets and has disbursed over $1 billion loans and served over 15 million people and small businesses.

In other news, the Member of Parliament (MP) for New Juaben South, Dr. Mark Assibey-Yeboah, has argued that a weak currency sometimes works well for a country.

READ ALSO: Top economies in Africa turn to wind energy to power homes

According to him, a weak cedi is a bait to bring tourists into Ghana since a strong currency has a negative effect on the number of tourists that could visit Ghana.

To him, having a weak currency makes the country a fair place as people on vacation exchange a lot with countries with such currencies.

Per a classfmonline.com report, he cited an example to the effect that one needs a lot of cedis to get Pounds during a visit to the United Kingdom (UK).

Dr. Assibey-Yeboah went on to say that those who visited the country as part of the ‘Year of Return’ project chose Ghana because the currency is weak.

In that respect, they earn a lot of money when they bring in dollars to exchange and that helps them spend a lot.

He further noted that a currency that gains strength affects tourism and is, therefore, a bad thing.

READ ALSO: Kenya to build sub-Saharan Africa's first underwater educational centre

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