We’ve discussed Jamboo several times. Jamboo is a digital bank that targets the African diaspora, initially offering banking services, with plans to expand into investment services.
The idea may surprise Africans residing in Africa, as it highlights the fact that many of their diaspora brethren are underbanked. Jamboo, co-founded by Zimbabweans, is seeking to address this issue, and it seems investors are seeing its potential.
Last year, Jamboo raised $420,000 from a Zimbabwean businessman, followed by an additional $600,000 from Diaspora Kapita earlier this year.
The fundraising efforts continue, as Jamboo has now launched a campaign on Crowdcube, the UK’s largest equity crowdfunding platform.
Jamboo joins Crowdcube in groundbreaking fundraising campaign
Fintech company Jamboo has embarked on an exciting new chapter, launching its fundraising campaign on Crowdcube, the UK’s largest crowdfunding platform.
Jamboo, co-founded by Zimbabwean entrepreneurs Takwana Tyaranini and Innocent Chinyama, believe it’s the first Zimbabwean-founded fintech company to raise capital on the platform.
The campaign represents a pivotal move for Jamboo as it advances its mission to revolutionise financial access for millions of African expatriates worldwide, initially targeting the African diaspora in the UK, followed by broader expansion into Europe.
Jamboo is set to deliver bespoke online banking and investment services tailored to the needs of expatriates in their new countries of residence, while also extending support across Africa.
Crowdcube, renowned for helping startups like Monzo and Revolut, has raised over £1.4 billion and boasts a network of 1.7 million registered investors.
Takwana Tyaranini, COO of Jamboo, said: “Fundraising on Crowdcube represents a pivotal moment for Jamboo and the future of digital banking for Africa. This opportunity allows us to further establish our presence in the fintech space and scale our services to meet the growing needs of the African diaspora.
“Crowdcube’s proven track record of supporting disruptive startups, such as Monzo and Revolut, positions Jamboo to make a significant impact in providing transparent, affordable financial solutions across borders for our community.”
Jamboo’s app is already live and delivering innovative solutions to meet the unique financial needs of the African diaspora. Customers can open UK accounts and send money to any account in the UK and also mobile top-ups globally, with full transparency on transaction costs. In the coming weeks, Jamboo is set to launch Mastercard powered virtual cards.
The app is available on iOS and Android in the UK and offers an inclusive onboarding process that takes a few minutes. Members are also set to receive a Jamboo companion card, to provide even more flexibility in managing their cross-border financial transactions.
For more information about Jamboo’s fundraising journey and to get early access to the campaign, visit: www.crowdcube.com/early-access/jamboo.
We don’t know how much Jamboo will raise on Crowdcube, but if previous funding rounds are any indication, significant funds are likely to flow in.
So far, Jamboo has raised over a million dollars but still needs more. This highlights just how much capital is required to properly launch some of these startups.
It makes you wonder how far some of the bootstrapped startups in Zimbabwe, which struggle to raise even $5,000, can go. We’ve discussed before how challenging it is for Zimbabwean startups to secure funding, and unfortunately, this situation isn’t changing anytime soon.
The Jamboo story should inspire entrepreneurs who were on the verge of quitting. Yes, while Jamboo may be co-founded by Zimbabweans, it’s essentially a UK company—but perhaps, just perhaps, that’s the model to follow.
