News Summary

Djamo, a neobank supported by Y Combinator, has successfully raised $17 million to expand its services across Francophone Africa, specifically targeting the Ivory Coast and Senegal. Founded by Hassan Bourgi and Régis Bamba in 2020, Djamo aims to bridge the financial gap for underbanked populations in the region by offering a mobile-first banking experience that combines the accessibility of mobile money with the depth of traditional banking services. With over one million users and 10,000 small businesses on its platform, Djamo plans to use the funds to enhance its product suite, which includes savings vaults, investment products, and salary-linked bank accounts. The startup has seen significant growth, with a fivefold increase in revenue since 2022 and over $4.5 billion in transactions processed since its inception. Djamo’s recent expansion into Senegal places it in a competitive market but positions it as a complementary service to existing mobile money platforms. The funding round, led by Janngo Capital, reflects strong investor confidence in Djamo’s mission to improve financial accessibility in Francophone West Africa.