Djamo, a Y Combinator-backed neobank, has secured $17 million in funding to grow its footprint across Francophone West Africa, including Ivory Coast and Senegal. The startup now serves over 1 million users, primarily young customers transitioning from basic mobile money to more comprehensive banking services.

Founded in 2020 by Hassan Bourgi and Régis Bamba, Djamo addresses the financial exclusion faced by many in French-speaking African countries, where traditional banks often cater only to wealthier clients. By blending the accessibility of mobile money with expanded banking features like savings, investments, and salary accounts, Djamo aims to offer an alternative for users seeking more sophisticated financial tools.

“These users are evolving,” said Bourgi. “They don’t want to go where their parents went, into institutions with predatory pricing.”

Over half of Djamo’s customers are unbanked and use the platform as their primary financial service. To increase reach, the company supplements its digital app with offline agents who assist customers directly.

Djamo has also extended its services to small businesses, offering payment solutions such as bulk transfers and QR codes. Its revenue comes from merchant fees and a premium subscription tier.

The latest funding round, led by Janngo Capital, is the largest ever for an Ivorian startup and supports Djamo’s mission to make banking more inclusive, particularly for women who represent a third of its users.

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