C-One Ventures acquires Bankly

While the terms of the acquisition were not disclosed, a statement revealed that Bankly is to be merged with other fintech companies in C-One Ventures’ portfolio. Bankly’s services, talent, and licences will be integrated with the complementary offerings of other companies, including supply chain financing platform Fulcrum, payments app GetPayed, and digital bank gomoney.

Bankly is acquired by C-One Ventures

Bankly is known as a microfinance bank that digitised informal savings and extended financial services to Nigeria’s underbanked community. Its mission was to drive financial inclusion across Nigeria, offering digital savings, payment services, and access to credit, serving over two million businesses and individuals.

The fintech raised USD 2 million in 2021 in its first funding round, backed by Vault, Plug and Play Ventures, and Rising Tide Africa. The funds supported the company in the initial expansion of its agent network, laying the groundwork for digital savings and credit services.

It also got regulatory approval from the Central Bank of Nigeria to operate as a microfinance bank. With an extensive network nationwide, Bankly played a significant role in advancing financial inclusion and economic support for its clients, particularly in low-income and rural communities.

The integration will support C-One Ventures’ strategy of delivering connected financial products to individuals and businesses. A Bankly representative mentioned that the company made progress in digitising traditional savings systems like ajo and esusu for underserved communities, and that this acquisition will keep Bankly’s mission alive.Bankly’s acquisition is one of the mergers among African entities, including Rise’s acquisition of Hisa and Wasoko’s acquisition of MaxAB. This reflects a growing startup ecosystem in Africa. With regulatory approvals and banking licenses now under the C-One umbrella, Bankly’s technology and network are poised to scale further.