Ivorian fintech startup Djamo is targeting a $40 million Series C funding round to fuel its expansion across Francophone Africa, according to company statements and industry reports. The capital raise is intended to accelerate the development of its payment infrastructure and broaden its product suite in a region where digital financial services are gaining momentum but remain underserved compared to other parts of the continent.

The company recently secured $17 million in a Series B round led by Enza Capital, with participation from Oikocredit, Janngo Capital, and P1 Ventures. That funding, announced earlier this year, was earmarked for deepening financial inclusion in its core markets. Djamo, founded in Abidjan in 2020, provides a mobile application for money transfers, bill payments, and card issuance, primarily targeting consumers in Ivory Coast and Senegal.

Djamo's push for new capital comes as competition intensifies across Africa's fintech landscape. While major players like Flutterwave and Paystack have established strongholds in Anglophone West Africa, Francophone markets present distinct challenges and opportunities, including currency dynamics, regulatory frameworks, and lower levels of formal banking penetration. The company's strategy focuses on leveraging mobile-first solutions to serve a growing, young, and increasingly connected population.

"Our mission is to build the most trusted financial services platform for the Francophone African region," said Hassan Bourgi, co-founder and CEO of Djamo, in a statement related to the earlier funding round. The planned Series C investment would enable the firm to scale its technology, enter new markets, and potentially explore adjacent financial products.

The broader African fintech sector continues to attract investor attention despite a global slowdown in venture funding. Recent activity includes Flutterwave securing an investment from Circle Ventures to expand USDC payments and settlement across the continent. However, Djamo's targeted raise is notable for its specific geographic focus on the Francophone zone, a region that has historically received a smaller share of fintech investment than East or Anglophone West Africa.

Success in raising the targeted $40 million would position Djamo as a significant regional player. The funds are expected to support market expansion beyond Ivory Coast and Senegal, with countries like Cameroon, the Democratic Republic of Congo, and others in the CFA franc zone likely targets. The expansion hinges on navigating diverse national regulations and building partnerships with local financial institutions and mobile network operators.