Summary
Ivorian fintech Djamo is preparing a $40 million Series C funding round to support its financial inclusion operations and accelerate expansion across Francophone West Africa. The Y Combinator-backed startup has 2 million users across Ivory Coast and Senegal, offering bank-backed credit cards, mobile loans, and remittance services. Djamo has raised $31 million in equity and $5 million in debt to date from investors including Janngo Capital, Partech, and Y Combinator.
Key Facts
- Targeting $40M Series C to fund West Africa expansion and entrench profitability in home market
- 2 million users across Ivory Coast and Senegal
- Raised $31M equity + $5M debt to date; previous round was $17M Series B (2025)
- Backed by Y Combinator, Janngo Capital, Partech, Oikocredit, Enza Capital, SANAD Fund
- Offers Visa cards, savings vaults, investment products, salary-linked accounts, SME banking
- 250+ employees; processed $4.5B+ in transactions since launch
- Financial inclusion rate in Ivory Coast: 58% (2024), up from 41% (2017)
- Exploring stablecoin sandbox with central bank for cross-border remittances
- Competes with Wave in Senegal but positions as complementary digital banking layer
Why It Matters
Djamo is the largest fintech in Francophone West Africa, a region where fewer than 25% of adults hold formal bank accounts despite mobile money usage exceeding 80%. The company's hybrid model — combining app-based banking with offline agents — mirrors the successful playbook of Nigeria's OPay and PalmPay. A $40M Series C would be one of the largest VC rounds in Francophone Africa and signals continued investor appetite for African fintech despite the global funding slowdown.