YMO is a Guinean fintech in the mobile payment sector that aims to improve financial inclusion. The company aims to use the funds to expand across West Africa.
YMO, a Guinean fintech in the mobile payment sector, has received funding of USD 3.2 million (€3 million) and will use the funds to grow its mobile payment services in West Africa. The funds were raised with the support of VC firms including Breega and INCO Ventures. According to YMO, the investments represent one of the largest ever received by a Guinean startup.
YMO: Improving financial inclusion
YMO was founded by Abdoulaye Barry in 2019 and initially offered an instant mobile payment service between France and Guinea. In October 2022, the Central Bank of the Republic of Guinea licensed the company to issue electronic money and YMO created a local payment service.
According to the company, YMO aims to improve financial inclusion among populations in Africa and within the French and European diaspora who, the company claims, are often excluded from the traditional finance system. YMO aims to develop simple and accessible solutions for all Africans, to enable them to make instant payments within the continent and internationally from their mobile phones. Beyond Africa, YMO offers the diaspora a means to send money and invest in Africa within a legal and guaranteed framework. YMO’s ultimate ambition is to become the first Pan-African digital neo-bank open to all.
Over 100,000 customers
The company currently offers services in France and Guinea and serves over 100,000 customers. The new funds will be used to expand operations in West Africa and YMO aims to open offices in 10 additional countries in the coming months, including Senegal, Ivory Coast, Congo, Belgium, Italy, Spain and the United States.
With nearly 1 million users on its platform at present, the company is currently seeking to grow in West Africa. The new funds will be used to hire additional tech and compliance staff and to grow its research and development and compliance teams in Europe and Africa.
Rising mobile internet across Africa
According to YMO, the investment comes at a time when mobile money transactions in Africa are increasing. By 2024, 70% of Africans are expected to have smartphones.
According to recent reporting, PricewaterhouseCoopers expect 5G’s growth to result in USD 13.2 trillion in global economic value by 2035 and the Africa Digital Economy Forum projects that 5G adoption will push Africa’s economy to USD 2.2 trillion by 2034.