Djamo seeks $40 million to take its neobank beyond Côte d’Ivoire and Senegal
The Ivorian fintech is preparing a $40 million Series C, the largest in its history if it closes. Its founders want to lock in profitability in Abidjan first, then push across Francophone West Africa, where Wave is waiting. No investors have been named yet.
Why it mattersIf the round closes, customers in the WAEMU will get another rival to Wave and telecom mobile money, offering an IBAN, a Visa card, savings and small loans on the phone.
- Ivorian fintech Djamo is preparing a $40 million Series C, co-founder Hassan Bourgi told ITWeb Africa; the round has not closed and no investors have been announced.
- The company has raised $31 million in equity and $5 million in debt since 2020; its previous round, $17 million in April 2025, was led by Janngo Capital.
- Since September 2025, a microfinance licence from the BCEAO has allowed it to offer current accounts, savings paying up to 6% and loans of up to one million CFA francs.
- In Senegal, where Wave dominates, its website offers an IBAN, a Visa card and savings pots, but shows no interest rate and no separate local licence.
“We are targeting to raise $40 million for our Series C round.” The words are Hassan Bourgi’s, co-founder and chief executive of Djamo, speaking to ITWeb Africa in Abidjan. For an Ivorian start-up, it is an outsized sum: more than the $31 million in equity the company has raised since it was founded, on top of $5 million in debt.
The round has not closed. Neither a closing date nor prospective investors have been made public, and Senegalese outlets that revived the story in recent days add nothing new on that front. The intent is clear, though: the founders say they want to entrench profitability in their home market before accelerating into the rest of Francophone West Africa, now that Senegal is open.
From a prepaid card to a central bank licence
Founded in 2020 by Hassan Bourgi and Régis Bamba and backed by Y Combinator, Djamo started out with an app and a Visa card issued through partner banks. The turning point came on September 11, 2025, when it said it had obtained a microfinance licence from the Central Bank of West African States (BCEAO), a first for an Ivorian fintech. The licence lets it offer current accounts with no balance cap, savings paying up to 6% a year and working-capital loans of up to one million CFA francs (about €1,500) in its own name. The Djamo Finances subsidiary is run by Elfried Didehia, formerly of Ecobank and the Cofina group.
That is not a banking licence. It does, however, let the company open current accounts without an intermediary, which it had lacked. Its previous round, $17 million in April 2025, was led by Janngo Capital, with Partech, Oikocredit, Enza Capital and Y Combinator.
In Senegal, up against Wave
In Senegal, Djamo’s website offers a free IBAN that works with WAEMU banks, a Visa card, project-based savings “pots”, investments in funds listed on the BRVM regional exchange and a Premium plan at 2,000 CFA francs a month. The page mentions no interest rate and no separate Senegalese licence: its legal notice points to Djamo Côte d’Ivoire and its US parent. We found no document stating whether the 6% savings offered in Côte d’Ivoire are already available to Senegalese customers.
The market belongs to Wave and to the telecom operators’ mobile money. The founders aim to stand out on family remittances, cross-border payments and cheaper digital credit, targeting the diaspora and younger customers. User numbers vary by source: two million according to ITWeb Africa, “more than one million” on the company’s website.
Cross-border business accounts are still to come: Djamo is in talks with a local bank to open them to small businesses. Bitcoin is off the table, Régis Bamba said. The company does say it is discussing a sandbox with the central bank to use stablecoins for cross-border payments. These are plans, not products.
- Djamo targets Francophone Africa with $40m raise, ITWeb Africa.
- Djamo devient la première fintech ivoirienne agréée en microfinance, Managers.
- Régis Bamba : Djamo, une fintech ivoirienne qui vise le Sénégal, Osiris / Leral.
- Djamo Sénégal, Djamo.
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