Mobile financial services company Juvo secured $40 million in funding from venture capital funds and existing investors, cash it is set to use to increase the scope of its product range.
The US-based company supplies credit-scoring technology to mobile operators in developing markets to assess the suitability of prepaid customers for credit and mobile money services.
It targets companies operating in Asia, Latin America and Europe and currently has deals in place with seven mobile operators and groups, covering 500 million subscribers across 25 countries.
“Today, there are over two billion underbanked people in the world – most of whom have a mobile phone,” CEO of Juvo Steve Polsky said, adding: “This new funding will allow Juvo to expand and deepen our product offerings as well as continue to build the best in class teams in data science, financial services and consumer mobile services.”
In its latest funding round, the company secured cash from New Enterprise Associates and Wing Venture Capital. Juvo also appointed Wing founding director Peter Wagner to its board of directors.