Djamo raises $14mn round, Pivo completes $2mn seed

Two West African fintech startups operating in very different markets in terms of fintech activity have raised funding. Djamo, an Ivorian startup has raised USD 14mn, while Nigeria’s Pivo has completed a USD 2mn seed round.

Djamo’s round is the largest so far in Ivory Coast, raising funds from Oikocredit, Partech Africa and Enza Capital, which led the round, with support from Janngo Capital, P1 Ventures, Axian and Launch Africa.

In a statement announcing the deal, impact investor Oikocredit said it participated in the round to ‘provide fairly priced and responsible financial services to empower people across the region,’ responding to a clear need as banking fees in francophone West Africa are high and fewer than a quarter of adults have bank accounts.

The startup was launched by Régis Bamba and Hassan Bourgi last year to provide fairly priced financial services and allow for interoperability between banks and mobile money.

Meanwhile, Pivo’s $2mn seed round will support its growth across Nigeria and into East Africa as well as build new products that focus on transaction management and payment reconciliation for supply chains.

As Pivo launches additional products to graduate from a pure fintech lender to a full-fledged financial services platform, we are excited to see the company deliver a full suite of financial services specifically designed for the needs of the unattended supply-chain sector SMEs they serve.

Daniel Block, Investment Principal Mercy Corps

Funds were raised from Precursor Ventures, Vested World, Y Combinator, FoundersX and returning investor Mercy Corp Ventures.