Transaction Summary
Djamo Inc. (Djamo), a Francophone African fintech company backed by Y Combinator, has raised $17 million in equity funding. The round was led by Janngo Capital, a pan-African venture firm, with additional investment from SANAD Fund for MSMEs (managed by Finance in Motion), Partech, Oikocredit, Enza Capital, and Y Combinator. This funding is the largest-ever venture round raised by an Ivorian startup, surpassing Djamo’s previous $14 million Series A in 2022. Djamo is a fintech platform operating in Côte d'Ivoire and Senegal, serving 1 million users with services spanning payments, savings, investments, and business tools for SMEs. Djamo’s valuation has doubled since its last fundraise, though the founders declined to disclose specifics, amid a five-fold increase in revenue. The new funds will help Djamo expand across Francophone Africa and acquire licenses to provide banking services such as interest-bearing savings accounts and loans. Y Combinator first invested $125,000 in Djamo in
