SA fintech JUMO selected to join second cohort of Google Launchpad Studio

Fresh off raising a whopping $64.5-million last year, fintech startup JUMO today announced its participation in the second session of Google’s Launchpad Studio.

The startup’s financial technology platform connects underserved markets with financial services. In 2017 the startup — which was founded by South African Andrew Watkins-Ball in 2014 — became the first SA startup to be selected for Google’s prestigious Launchpad programme (see this story).

Established in 2017, Launchpad Studio is a fully-tailored product development acceleration programme that gives selected startups the unique opportunity to work hand-in-hand with Google’s artificial intelligence (AI) and machine-learning (ML) research and development teams, with access to seasoned experts and mentors from Google and Silicon Valley.

SA fintech JUMO will join companies such as Indonesian unicorn Go-Jek in Google’s Launchpad Studio acceleration programme

In a statement today, the Mauritius registered startup said it will join a cohort of companies from across nine countries and four continents.

The companies including Indonesia’s billion-dollar unicorn startup Go-Jek (see Ventureburn’s recent story on the company here) and Starling Bank – a UK based mobile-only bank, that are focused on leveraging technology to promote financial inclusion.

Most of the participants are from the fintech sector (see this Techcrunch article from September last year, for companies who’ve already been chosen for the programme).

Paul Whelpton, JUMO’s chief analytics officer, is leading JUMO’s team of mentees for an immersive programme at Google’s headquarters to develop AI and ML product offerings and solutions that enable inclusive and differentiated inclusive banking, insurance and credit products.

Watkins-Ball said in the statement he and his team are “honoured” to have the opportunity to collaborate with some of the leading minds in AI and machine learning.

“We’re at a critical point in our business where we are focused on leveraging the latest technology to increase customer eligibility and decrease unequal access to quality financial products in emerging markets,” he commented.

The startup in December last year announced it had clinched a further $12.5-million in an investment from UK based Odey Asset Management. The investment is in addition to a $52-million equity funding round that startup closed in September last year, with Goldman Sachs as the principal lead investor.

JUMO claims that since launching in November 2014, it has expanded and scaled rapidly, serving over 10 million customers across seven African and Asian markets and disbursing more than $-billion in funds to mainly small and micro business owners.

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