Djamo, a neobanking startup aimed at the underbanked population in Francophone West Africa, has successfully raised $17 million in its latest funding round. This amount exceeds the $14 million secured during its Series A in 2022, indicating strong investor confidence in the company’s growth.
Operating primarily in the Ivory Coast and Senegal, Djamo has attracted one million users to its product suite, appealing particularly to younger consumers whose financial needs have progressed beyond traditional mobile money services.
In French-speaking regions, fewer than 25% of adults hold bank accounts, largely due to traditional banks focusing on more affluent customers, leaving many underserved.
Co-founder and CEO Hassan Bourgi emphasizes this shift in user expectations, stating, “These users are evolving. But they don’t want to go where their parents went, into institutions with predatory pricing that aren’t tailored to the new generation of customers. We are building a solution to become the preferred banking option for this significant group as they seek more complex, wealth-building financial opportunities.”