Cape Town-based Jumo & Yoco make global Fintech 250 Report
19 November 2018
Cape Town based JUMO and Yoco have made their way onto CB Insights global Fintech 250: The Top Fintech Startups Of 2018 report.
This is the second consecutive year that Yoco, the mobile point-of-sale (M-POS) startup, has been listed on this prestigious list – with a first time inclusion for fintech solutions company JUMO.
“We are delighted to be included on this list” said JUMO’s COO Steve Etherton. “Our platform now connects close to 10 million individuals and small businesses across seven markets in Africa and Asia with savings, loans and insurance products, many of these people are new to formal financial services. This recognition means a lot to us at JUMO as it affirms our belief that it is possible to build a large scale technology business while also achieving great social impact.”
JUMO CEO and Founder Andrew Watkins-Ball stated: “We are working hard to connect people with access to the best possible choices from leading banks, this has required significant investment in building our technology and prediction capabilities. Cape Town has been an important part of our growth by offering us a deep and highly skilled talent pool especially in software engineering and data science.”
Watkins-Ball added: “It has been exciting to see the growth of this ecosystem both in size and reputation with major global players such as Amazon Web Services also recognising the importance of it and investing in supporting the next phase of growth.”
Excited to be featured for two years running, Katlego Maphai, Yoco Co-Founder and CEO, said: “We are proud to receive recognition on this global fintech list, next to the best in the game. From the onset, we had a global mindset, seeking to build and deliver something world-class to small business in Africa and beyond.”
Selected from a pool of close to 4 000 applicants and nominees, several factors are taken into consideration including data submitted by the companies, business models and momentum in the market.
Commenting on this exceptional achievement, Wesgro CEO, Tim Harris commented: “It is promising to see more African startups joining this prestigious list with Zoona, Paystack and JUMO making their debut. We are particularly proud of Cape Town’s JUMO and Yoco, re-affirming the flourishing tech startup ecosystem alive in the city and province. Indeed, a recent report found that the Cape Town-Stellenbosch tech ecosystem employs between 40 000 and 50 000 people. This confirms Cape Town as Africa’s tech capital.”
Minister of Economic Opportunities, Beverley Schäfer said: “We are pleased to see that Yoco and JUMO have received the global recognition they deserve. By creating an ecosystem in which is it easy for large companies to invest and source the best skills, and for small start-ups to flourish, the Western Cape has become a leader in the fintech space on the continent. Earlier this year, UCT became the first university in Africa to offer a Masters in Philosophy degree in financial technology which will not only enable graduates to work for major finance houses in this sector, but it will also foster the same kind of entrepreneurial spirit which has made both Yoco and JUMO so successful. By nurturing this sector, we are not only growing the province’s economy, but creating opportunities for young people in the future.”
Executive Mayor of the City of Cape Town, Dan Plato, added: “Job creation is key for any growing economy, and I am pleased to see that not only is Cape Town fast becoming one of the world’s technology and innovation centres, but the products and services being developed here are contributing even further to our job creation drive, with the likes of YOCO, a mobile point of sale device serving as a massive enabler for entrepreneurs and small businesses to get off the ground.”
Wesgro is Cape Town and the Western Cape’s official Tourism, Trade and Investment Promotion Agency, and receives its mandate and funding from the Western Cape Government’s Department of Economic Development and Tourism and the City of Cape Town.