C-One Ventures has fully acquired Bankly, a Nigerian fintech startup and licensed microfinance bank. As part of the deal, Bankly’s services, licenses, and talent will be combined with complementary offerings from other businesses in C-One Ventures’ portfolio.
Bankly, which was established in 2018, is digitizing the informal “thrift collections” system, also referred to as ajo, esusu, and adashe, which is extensively utilized by Nigerians employed in the unorganized sector.
The system’s inherent security risks, restricted access, and lack of customer data are addressed by Bankly by enabling users to save money using both online and offline methods, despite the fact that it is well-liked because it operates entirely offline. Consumers can use the Bankly app or USSD feature to make payments, or they can deposit and withdraw cash with a Bankly agent.
C-One Ventures, an investment firm that specializes in technology and financing in Nigeria, has now acquired the startup, which raised US$2 million in 2021 but may not have expanded as much as anticipated given the current funding environment.
Fulcrum, a technology and financing platform that provides Nigerian suppliers with working capital through payable finance and other supply chain financing (SCF) products; GetPayed, a comprehensive app for banking and payment management; and gomoney, a digital bank that provides a cutting-edge, app-based substitute for traditional banking, are all part of C-One’s current portfolio.
C-One Ventures’ dedication to providing technology-enabled financial services for individuals and businesses is further strengthened with the addition of Bankly, which has a customer base of over 2 million individuals and businesses throughout Nigeria and an extensive nationwide network of over 50,000 agents.
C-One Ventures will incorporate Bankly’s talent, licenses, and extensive partner network as part of the acquisition. Bankly CEO Tomilola Majekodunmi will continue to provide advisory support during the ongoing reorganization and restructuring process to incorporate Bankly into the C-One Ventures family.
“I am immensely proud of what we have achieved at Bankly over the last six years. Bankly was founded with a mission to drive financial inclusion to the last mile and we have certainly made significant progress on that front. Like any business, we’ve faced our share of challenges, but I’m confident that this acquisition will keep the Bankly vision alive and further advance our mission of empowering more Nigerians through inclusive financial solutions,” Majekodunmi said.
