Nigerian fintech startup and licensed microfinance bank Bankly has been fully acquired by C-One Ventures in a deal which will see Bankly’s services, licenses and talent integrated with complementary offerings from other companies within the C-One Ventures portfolio.
Founded in 2018, Bankly is digitising the informal “thrift collections” system – known as ajo, esusu and adashe – that is widely used among Nigerians working in the informal sector.
Although the system is popular because it works completely offline, it has inherent security risks, limited access, and a lack of customer data, which Bankly addresses by allowing participants to save their money using both online and offline methods. Customers can deposit and withdraw cash with a Bankly agent or make payments using its app or USSD function.
The startup raised US$2 million in 2021, but has not perhaps grown quite as expected, especially given the current funding climate, and has now been acquired by C-One Ventures, an investment company with a specific focus on technology and financing in Nigeria.
C-One’s existing portfolio includes Fulcrum, a technology and financing platform that unlocks working capital for suppliers in Nigeria through payable finance and other supply chain financing (SCF) products; GetPayed, an all-in-one app for managing payment and banking solutions; and gomoney, a digital bank offering a modern, app-based alternative to traditional banking.
The addition of Bankly, with an extensive network of over 50,000 agents nationwide and a customer base of over 2 million individuals and businesses across Nigeria, further strengthens C-One Ventures commitment to technology-enabled financial services for businesses and individuals.
As part of the acquisition, C-One Ventures will assimilate Bankly’s licenses, talent and its rich partner platform. A reorganisation and restructuring process is underway to integrate Bankly into the C-One Ventures family, and Bankly CEO Tomilola Majekodunmi will continue to support the transition in an advisory capacity.
“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.
