Ivorian fintech company Djamo has secured $17 million in equity funding to accelerate the growth of its digital banking services across Francophone West Africa.

The round, led by Janngo Capital, marks the largest funding ever raised by an Ivorian startup, bringing Djamo’s total equity funding to more than $31 million.

Founded in 2020, Djamo currently serves over one million users in Côte d’Ivoire and Senegal.

The company targets underbanked individuals and small businesses with a product suite that bridges the gap between mobile money and traditional banking.

This includes savings tools, investment products, and salary-linked accounts.

Although only 5-10% of users currently receive their salaries through Djamo, the company has ambitious plans to grow that share to 50%.

Revenue has grown fivefold since 2022, with over $4.5 billion in transactions processed since its launch.

The newly raised capital will be used to support Djamo’s regional expansion and further product development.

In particular, the company is working to launch lending services and interest-bearing savings accounts as it secures additional licenses.

Djamo’s success underscores the expanding fintech opportunity in Francophone West Africa, a region often overlooked by global investors.

Unlike fintech hubs like Nigeria and Kenya, markets such as Côte d’Ivoire and Senegal feature lower formal banking penetration but high mobile money usage.

Djamo’s model is designed for users transitioning from mobile money to more advanced financial products.

The company’s approach includes offering savings, investment, and salary-linked accounts, services that are generally unavailable on mobile wallets.

More than half of Djamo’s users are unbanked, and 90% of them use the app as their primary financial account.

The fintech’s hybrid model, combining a digital-first approach with offline agents, mirrors the strategies of mobile money operators and helps address infrastructure gaps.

As part of its expansion, Djamo is also extending its services to 10,000 small businesses, providing digital payment tools and merchant services.

The company’s focus on financial inclusion, particularly for women, aligns with the growing investor interest in mission-driven fintechs.

As the fintech sector matures, Francophone Africa is emerging as the next key growth region.