Djamo, a Y Combinator-backed fintech startup, has made headlines once again with its latest $17 million equity raise — the largest ever for a startup in Ivory Coast. With over 1 million users and counting, Djamo is redefining how digital banking works in Francophone West Africa.
While many digital banks tend to gravitate toward Africa’s largest markets like Nigeria, Egypt, or South Africa, Djamo stands out by focusing on underserved French-speaking countries like Ivory Coast and Senegal. This unique strategy has not only helped them build a loyal user base but also secured strong investor confidence.
Founded in 2020 by CEO Hassan Bourgi and CTO Régis Bamba, Djamo was created to address a critical gap: most adults in Francophone Africa don’t have access to traditional banks. High costs, outdated infrastructure, and financial institutions that cater only to the affluent have left most of the population dependent on mobile money platforms. While mobile money enables basic transactions, it doesn’t offer advanced financial tools such as credit or investments.
Djamo saw this gap and stepped in with a hybrid approach. It provides the ease of mobile money along with the depth of traditional banking. Its services now go far beyond basic card issuance and P2P transfers. The fintech offers savings vaults, investment tools (backed by the region’s first fintech-issued brokerage license), and salary-linked bank accounts.
Their strategy is working — over 55% of Djamo’s customers are unbanked individuals, many of whom treat the app as their primary financial service. These are not just casual users; according to Bourgi, 9 out of 10 customers who use Djamo as their main account are from this unbanked segment.
To grow further, Djamo has adopted a hybrid model similar to what has worked for mobile money providers. The company uses offline agents to reach remote users, providing a more personalized, trust-building experience.
On the business side, Djamo is also serving over 10,000 small enterprises, many of which started as retail customers. These businesses now use Djamo for bulk payments, QR-based transactions, and payment links — all managed via a single app. The fintech generates revenue through merchant fees and a premium user plan, which already has a 25% adoption rate. They’re also pursuing additional income streams like lending and interest on deposits.
The company’s recent growth is nothing short of impressive. Since 2022, revenue has increased 5x, and the platform has processed more than $4.5 billion in transactions. With just 5% to 10% of users receiving salaries via Djamo today, there’s massive untapped potential — and Bourgi is determined to move that number closer to 50%.
This $17 million funding round was led by Janngo Capital, a Pan-African VC with a focus on gender equity. Other notable investors include SANAD Fund for MSMEs, Partech, Oikocredit, Enza Capital, and Y Combinator.
Janngo Capital’s executive chair Fatoumata Bâ underscored the mission’s importance, pointing out that fewer than 25% of adults in Francophone Africa have access to formal financial services, and women are twice as likely to be excluded. With women making up a third of Djamo’s user base, the startup is also closing the gender gap in access to financial tools.
Now with 250 team members, Djamo is poised for further expansion across Francophone Africa. Rather than compete directly with dominant players like Wave, Djamo aims to complement mobile money services with a richer digital banking experience.
This new funding isn't just a financial milestone — it's a vote of confidence in Djamo’s long-term mission to transform how African consumers and small businesses access and manage their finances. The company is proving that innovative, inclusive banking isn’t just possible — it’s thriving.
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