Fidelity Management & Research Co, the world’s fourth-largest asset manager, led a $120m (R1.8bn) new funding round for SA-based Jumo, joining a host of international investors in betting that the company’s efforts to help extend financial services to entrepreneurs in emerging markets will pay off.

Founded in 2015, Jumo — now valued at $400m according to Britain’s The Times — primarily offers savings and credit products to entrepreneurs in emerging markets, as well as technology infrastructure to partners such as mobile operators and banks to assess lending risks, detect fraud and verify the identity of their clients...

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