London - Orrick advised Vostok Emerging Finance (Nasdaq: VEMF SDB), a Swedish company that invests in early stage modern financial services entities in emerging and frontier markets, on its $4 million investment in JUMO. This is Vostok’s first investment in an African venture.
JUMO is a mobile money marketplace that offers mobile wallet users access to borrowing and saving opportunities. JUMO works with mobile network operator partners to read data behind phone behavior in order to power a mobile borrowing platform. It serves African consumers and small businesses that have been underserved by the traditional banking sector.
Headquartered in Mauritius and currently operating in Kenya, Tanzania and Zambia, JUMO has made five million loans to more than two million customers to date.
London partner Shawn Atkinson led the Orrick team advising Vostok along with Emma Raleigh, Emily Young and Tom Wild.
“We are delighted to assist Vostok Emerging Finance in connection with their first investment in Africa,” said Shawn.