Ivorian fintech Djamo is preparing a $40 million Series C funding round to support its financial inclusion operations and accelerate expansion across West Africa following its entry into Senegal. Founded in 2020 by co-founders Hassan Bourgi and Regis Bamba, Djamo now has 2 million users.
The company offers bank-backed credit cards, mobile loans, and remittance services to and from Côte d’Ivoire. Djamo is part of a growing group of African fintech firms using mobile platforms to expand access to digital banking services.
The company operates in a market where mobile money adoption is high, but access to formal financial products such as credit and savings remains a challenge for many consumers. Bourgi says Djamo is focusing on entrenching profitability in its home market and accelerating growth into other markets across Francophone West Africa. To do this, the fintech is targeting to raise $40 million for its Series C round.
Djamo has already raised $31 million in equity and an additional $5 million in debt financing. Investors in earlier funding rounds include Y Combinator, Partech, Janngo Capital, and others. Bourgi says Djamo is aiming to provide low-cost, digital financial services and affordable transactions to underserved customers, including customers seeking international payment solutions.
The fintech is also targeting Generation Z users who want international payment options, such as cards for online transactions. Through partnerships with banks such as Ecobank, Djamo provides cards that support international payments.
It is also focusing on the Ivorian diaspora, which Bourgi says is important for the business because diaspora customers take up accounts with Djamo and remit money back home through the company’s platform. Bourgi describes Djamo’s current account offering as easy and seamless to open.
Bamba says banks do not view Djamo as a threat and that they have been open to collaborating. Djamo is also pursuing partnerships with a local bank to enable cross-border payments for SME account holders, while cross-border payments for individual accounts are already supported.
Djamo is engaging with the Ivorian central bank on digital currencies. Bamba says the fintech does not plan to introduce bitcoin payments, but that there are talks about using stablecoins for cross-border remittances and payments through a central bank sandbox.
Côte d’Ivoire has seen progress in financial inclusion in recent years. According to the World Bank, the country’s financial inclusion rate increased from 41% in 2017 to 58% in 2024, though access to credit and savings remains limited.
In Senegal, Djamo will face competition from mobile money providers and larger fintech companies such as Wave. However, the co-founders believe Djamo can compete by focusing on family payments, remittances, cross-border payments, and digital loans, supported by lower-cost financial services.
