Y Combinator neobank Djamo raises $17M with 1M users across Francophone Africa

Djamo is one of several digital banking startups targeting Africa’s underbanked. But unlike many that focus on large markets like Nigeria, Egypt, or South Africa, Djamo has carved out a niche in Francophone West Africa, specifically the Ivory Coast and, more recently, Senegal. It now serves over one million customers across both countries. The Y Combinator-backed fintech just raised $17 million to expand its product suite for these retail customers and the thousands of small businesses it has onboarded in the last two years. The equity round, the largest ever for an Ivorian startup, surpasses Djamo’s $14 million Series A in 2022 and reflects continued investor confidence in its mission to make banking accessible and affordable. Co-founder and CEO Hassan Bourgi declined to share the new valuation but said it has doubled since the last raise. Bourgi founded Djamo with chief product and technical officer Régis Bamba in 2020 to close the financial access gap in French-speaking African ... Read full article.