-One Ventures acquires Nigerian microfinance bank, Bankly

C-One Ventures, an investment firm, has acquired the domestic operations of Nigeria’s microfinance bank, Bankly, for an undisclosed amount.

The acquisition will see Bankly’s services, licenses, and talent integrated with complementary offerings from other companies within C-One Ventures’ portfolio, which includes platforms like Fulcrum, GetPayed, and the digital bank gomoney.

Founded in 2018, Bankly is a microfinance bank focused on bridging the financial gap for Nigeria’s unbanked and underbanked populations. The bank provides services such as payments, savings, credit, and investment options, and it serves over two million individuals and businesses across Nigeria.

Bankly raised $2 million in a seed funding round in 2021, with investments from Plug and Play Ventures, Chrysalis Capital, Rising Tide Africa, and Vault, a holding company. The company operates primarily through a USSD-based savings product, allowing users to fund their accounts using vouchers. It also allows customers to deposit and withdraw money through agents located throughout Nigeria, digitizing traditional banking services for those without access to brick-and-mortar banks.

With the acquisition, C-One Ventures has announced that a reorganization and restructuring process is underway to integrate Bankly into its broader portfolio.

Bankly’s CEO and co-founder, Tomilola Majekodunmi, will continue to support the transition in an advisory capacity. C-One Ventures has expressed plans to leverage the acquisition to further expand its reach in Nigeria’s financial inclusion efforts.

SOURCE: THE GUARDIAN NEWSPAPER