YMO

Following a fundraising process led by Ader Finance, YMO (ex-YMoney) welcomes Breega & INCO Ventures as new investors

The fintech company YMO (previously called YMoney) has obtained funding from Breega and INCO Ventures to accelerate the financial inclusion in West Africa. Since its inception, the company has aimed to become a champion of digital finance in Africa. YMO is now the first Guinean start-up to raise such a large amount of investment from venture capital funds.

Founded in 2019 by Abdoulaye Barry, YMO initially offered an instant mobile payment service between France and Guinea. In October 2022, after obtaining its electronic money issuer license from the Central Bank of the Republic of Guinea, YMO successfully launched its local payment service, attracting nearly one million users to date. With smartphone penetration in Africa set to reach 70% by 2024 and mobile money transactions seeing strong growth, YMO’s services are intended to expand throughout West Africa to reach African populations wherever they are.

In addition to its expansion, YMO plans to strengthen its tech and compliance teams. The company aims to recruit around 20 new R&D team members (developers, data scientists, UX designers, project managers) as well as compliance personnel in both Europe and Africa.

“This funding will allow us to continue our development on a solid foundation. We intend to build a sustainable company that meets real needs and substantially improves the lives of our customers. With the ambition of transforming the daily lives of more than one billion people in Africa, the support of Breega and INCO Ventures reinforces our determination to build, together, an African champion of digital finance. Our thanks go to all those who have supported the key stages of this project,” said Abdoulaye Barry, founder and CEO of YMO.