Djamo Secures $17M to Expand Digital Banking in Francophone Africa

Djamo, a digital banking startup based in Ivory Coast, has raised $17 million in funding to expand its services across Francophone West Africa. Unlike many African fintech companies that target large markets like Nigeria and South Africa, Djamo focuses on underbanked populations in Ivory Coast and Senegal. The company, backed by Y Combinator, aims to bridge the gap between mobile money services and traditional banking, providing users with financial tools beyond basic transactions.

Djamo’s approach has attracted over one million customers, with more than half using the platform as their primary financial service. The fintech has expanded beyond cards and peer-to-peer transfers to offer savings vaults, investment products, and salary-linked bank accounts. Additionally, it serves around 10,000 small businesses by providing bulk payments, QR code tools, and payment links. The company generates revenue through merchant fees and a premium tier subscription, with plans to introduce lending and interest-bearing accounts.

With financial backing led by Janngo Capital, along with investors like SANAD Fund and Y Combinator, Djamo aims to increase the percentage of users receiving salaries through its platform and further expand across French-speaking Africa. This funding round marks the largest ever for an Ivorian startup, highlighting investor confidence in Djamo’s mission to make financial services more accessible.