Africa’s financial landscape continues to face significant challenges, particularly in terms of accessibility and efficiency. James Zhang, the CEO of Congo-based Web3 startup Jambo, experienced these difficulties firsthand during his teenage years. While attempting to transfer money from a Congolese bank to a friend in Ghana, he encountered major obstacles, including prolonged processing times, exorbitant fees, and inefficiencies in the system. This experience led him to question why cross-border transactions remained so complicated and sparked his interest in seeking an alternative to traditional banking mechanisms.
While studying computer engineering at New York University, Zhang discovered Bitcoin (BTC) through a lecture, which piqued his curiosity about digital assets. By the time he graduated, he had become convinced of the transformative potential of virtual currencies. He subsequently managed a cryptocurrency-based fund for four years, but he felt that simply investing was not enough to unlock the full benefits of digital assets, particularly for Africa’s financial sector.
Founding Jambo to Enhance Accessibility
In response to these challenges, Zhang established Jambo in his home country, Congo, in 2021. Unlike many other Web3 startups that primarily focus on software solutions, Jambo prioritized hardware accessibility. Zhang believed that a fundamental obstacle to the adoption of virtual assets was the complexity of the technology and the lack of user-friendly tools. To address this, he opted to develop mobile devices tailored for digital asset transactions instead of solely concentrating on software solutions.
Jambo secured $30 million in Series A funding in 2022, with leading investment from Paradigm, a prominent venture capital firm specializing in digital assets. Other major investors included Hashed, Delphi Ventures, and Pantera Capital. The funding round elevated the company’s valuation to $200 million, marking a significant milestone within just a year of its inception.
Unlocking Africa’s Market Potential
Investors were drawn to Jambo due to the immense growth potential of Africa’s digital asset market. With approximately 75% of the continent’s 1.4 billion people under the age of 35, the region presents a prime opportunity for emerging technologies such as Web3 and blockchain. The increasing smartphone penetration across Africa, coupled with limited access to traditional banking services, further amplifies the demand for innovative financial solutions.
Beyond financial inclusion, the economic volatility in certain regions has also driven interest in digital assets as a hedge against inflation. Countries experiencing high inflation rates, such as Argentina and El Salvador, have demonstrated the practical use of cryptocurrencies as alternative financial tools. Investors resonated with this necessity, recognizing the role that virtual assets can play in stabilizing economies within emerging markets.
Launch of the Web3 Smartphone
Utilizing its investment capital, Jambo introduced its Web3 smartphone, the ‘Jambo Phone,’ in 2023. The device was developed in collaboration with blockchain network Aptos to optimize usability. To facilitate seamless digital asset transactions, the smartphone comes pre-installed with essential applications, including cryptocurrency wallets, and features Jambo’s proprietary artificial intelligence service, JamboGPT.
The Jambo Phone is competitively priced at $99, significantly undercutting rival products such as the Solana Seeker, which retails for $500. The affordability strategy aims to enhance blockchain accessibility in emerging markets, with cost reductions achieved through an extensive supply chain established in China. This approach has already yielded impressive results, with over 710,000 units sold across 128 countries within a year of its release.
Expansion and Future Goals
Jambo’s success has led to its expansion into six African nations, including Kenya, Ghana, and Nigeria. With a focus on regions where smartphone adoption and banking access remain relatively low, the company is actively targeting Africa, Latin America, and Southeast Asia. Plans are already in place to launch physical retail stores in multiple countries, including Brazil and Indonesia, within the next two to three years.
To further enhance its ecosystem, Jambo has pursued strategic partnerships, including a collaboration with U.S.-based cryptocurrency exchange Coinbase to promote on-chain services. Additionally, the company recently launched its native token, Jambo (J), which has been listed on the global exchange OKX.
Looking ahead, Jambo aims to establish itself as a major player in the digital asset industry. Zhang envisions the company as a bridge for emerging markets, guiding new users into the cryptocurrency space through its innovative mobile solutions. With ambitious plans for expansion and product development, Jambo is positioning itself to become the ‘On-chain Samsung’ of the digital economy.
