Funding agency C-One Ventures has totally acquired Nigerian fintech startup and licensed microfinance bank, Bankly, as a part of its technique to scale technology-driven monetary providers in Nigeria.
The acquisition contains Bankly’s licenses, platform, and workforce, which will likely be built-in into C-One’s rising fintech ecosystem.
In response to a press release from Bankly, a restructuring course of is already underway to make sure seamless integration, and Bankly’s CEO, Tomilola Majekodunmi, will assist the transition in an advisory position.
Bankly’s journey
Based in 2018 by Tomilola Adejana and Fredrick Adams, Bankly started with a “recharge to save lots of” mannequin, permitting customers to fund digital wallets by way of voucher tokens—a way acquainted to tens of millions of Nigerians via airtime top-ups.
- Since then, Bankly has advanced right into a platform providing financial savings, funds, group contributions, and credit score entry. Its providers are enabled via an agent community of over 50,000 and a customer base exceeding 2 million people and companies throughout the nation.
- The fintech’s acquisition of a Microfinance Bank license marked a significant step in its mission to formalize financial savings and enhance monetary entry, particularly for unbanked and underbanked Nigerians.
- The platform’s group financial savings function mirrors conventional financial savings fashions like ajo and esusu, however with added transparency and safety.
- Its work has been instrumental in lowering reliance on cash-based and casual saving strategies in low-income and rural communities.
- In March 2024, Bankly secured $2 million in seed funding, with assist from main buyers together with Flutterwave and Vault, the holding firm behind VANSO, which was acquired by Interswitch in 2016.
Talking on the acquisition, Tomiliola Majekodunmi, CEO and co-founder of Bankly, stated:
“I’m immensely pleased with what we’ve got achieved at Bankly over the past six years.
“Bankly was based with a mission to drive monetary inclusion to the final mile, and we’ve got definitely made vital progress on that entrance.
“Like every enterprise, we’ve confronted our share of challenges, however I’m assured that this acquisition will maintain the Bankly imaginative and prescient alive and additional advance our mission of empowering extra Nigerians via inclusive monetary options.”
What you need to know
C-One Ventures is an funding firm with a particular deal with expertise and financing in Nigeria.
The corporate’s present portfolio contains Fulcrum, a expertise and financing platform that unlocks working capital for suppliers in Nigeria via payable finance and different provide chain financing (SCF) merchandise, GetPayed, an all-in-one app for managing cost and banking options, and gomoney, a digital bank providing a contemporary, app-based different to conventional banking.
The addition of Bankly additional strengthens C-One Ventures’ dedication to technology-enabled monetary providers for companies and people.
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