Jumo Raises $120M from Fidelity and Visa for BaaS Expansion

Jumo, a London-headquartered Banking-as-a-Service platform leveraging AI for SME lending in developing markets, announced a $120 million funding round in November 2021. The investment was led by Fidelity, Visa, and Kingsway Capital. The round brought Jumo's total funding to $200 million and valued the company at $400 million.

Jumo's platform has facilitated approximately 120 million loans totaling $3.5 billion, primarily serving small and medium enterprises across Africa and Pakistan. The involvement of Visa signals strategic interest from major payment networks in BaaS infrastructure for emerging markets. The funding is expected to accelerate Jumo's platform expansion and deepen its presence in underserved financial markets.