Ivorian fintech startup Djamo has raised $17 million in its latest funding round, marking the largest-ever investment secured by a startup in Ivory Coast. The digital banking platform, which serves over one million customers across Côte d’Ivoire and Senegal, aims to bridge the gap between mobile money and traditional banking. This latest investment signals growing confidence in Djamo’s mission to provide inclusive financial services to underserved populations in Francophone Africa.

Addressing Financial Exclusion

Founded in 2020 by CEO Hassan Bourgi and Chief Product and Technical Officer Régis Bamba, Djamo seeks to address financial access challenges in the region, where a large portion of the population remains unbanked. Traditional banks primarily cater to the affluent, leaving many reliant on mobile money services that offer limited financial tools. Djamo positions itself as a middle ground, offering the accessibility of mobile money with the financial depth of conventional banking.

Mobile Money’s Role and Limitations

Mobile money has played a transformative role in Africa’s financial landscape, with Sub-Saharan Africa accounting for over half of the world’s total mobile money accounts, according to the World Bank. However, these platforms typically provide only basic services such as peer-to-peer transfers and bill payments, restricting access to more advanced financial products. Djamo is tapping into a growing demographic of users who need more sophisticated financial solutions but still find traditional banks costly and outdated.

Expanding Financial Offerings

The fintech startup’s offerings have evolved significantly to meet the diverse needs of its users, expanding beyond simple transactions to include savings vaults and investment products. A major milestone was its acquisition of Francophone Africa’s first fintech-issued brokerage license, allowing Djamo to provide investment opportunities to customers who previously had limited access to wealth-building tools. This development aligns with Djamo’s broader goal of empowering a new generation of financially literate consumers.

Investor Confidence and Growth

Djamo’s latest funding round surpasses its previous $14 million Series A investment in 2022, underscoring investor confidence in its business model and market potential. CEO Hassan Bourgi noted that the company’s valuation has doubled since its last raise, although specific figures were not disclosed. This capital injection will enable Djamo to enhance its product suite, expand its operations, and onboard more small businesses, further solidifying its position as a leader in the region’s fintech ecosystem.

By providing an alternative to both mobile money and traditional banking, Djamo is transforming how financial services are accessed in Francophone Africa. The startup’s growth reflects a strong demand for more inclusive financial solutions that cater to the evolving needs of younger consumers. As it continues to expand, Djamo’s success highlights the critical role of localized fintech solutions in driving financial inclusion across emerging markets.