Odey Asset Management's partner James Hanbury has joined the board of directors of fintech firm JUMO as a non-executive director, as his group invests $12.5m in the growing business.
JUMO is a technology platform focused on operating inclusive banking products and financial services in emerging markets.
Commenting on joining the board, Hanbury said: "JUMO's agile and adaptable platform is a force for good which has contributed to greater financial inclusion and advancements in the traditional lending sector, through its fair exchange of value with partners.
"I am pleased to have joined JUMO as a non-executive director and look forward to working with the executive team to support the attainment of its ambitions."
The latest investment marks the formal close of JUMO's most recent funding round, which raised $52m in September with Goldman Sachs as the lead principle investor alongside a number of other financial firms. Following the close of the funding round, JUMO has raised more than $103m in total.
The additional investment will be used for further development of JUMO's technology platform, support its market expansion and increase its data capabilities, especially in applying machine learning and artificial intelligence innovation to its key markets in Africa and Asia.
In addition to its existing offices in the regions and its recently opened headquarters in Singapore, the firm plans further expansion within Asian markets in 2019.
The firm's strategy involves strategic partnerships with like-minded organisations with the aim to facilitate the delivery of innovative financial solutions to segments of the population underserved by traditional financial services.
CEO of JUMO, Andrew Watkins-Ball, said: "I am pleased to conclude 2018 with yet another milestone achievement for the company.
"In addition, I am excited to welcome Odey Asset Management as a strategic investor and James Hanbury to the board, to help us better realise our mission to advance financial inclusion."