What’s Happening?
Nigerian fintech company Bankly has been acquired by investment firm C-One Ventures, just seven months after the appointment of its new Managing Director, Stephen Amodu. While the financial terms of the deal remain undisclosed, a statement reviewed by Techpoint Africa indicates that Bankly will be integrated with other fintech entities within C-One Ventures’ portfolio.
“The deal will see Bankly’s services, licenses, and talent integrated with complementary offerings from other companies within the C-One Ventures portfolio,” the statement noted.
C-One Ventures’ portfolio includes:
- Fulcrum: A supply chain financing platform
- GetPayed: A payments application
- gomoney: A digital banking service
Founded in 2018, Bankly has focused on driving financial inclusion in Nigeria by offering digital savings, payment services, and access to credit, primarily through an extensive agent network of 50,000 representatives across the country. The company reports serving over two million individuals and businesses.
In 2021, Bankly secured $2 million in seed funding from investors such as Vault, Plug and Play Ventures, and Rising Tide Africa. It also obtained regulatory approval from the Central Bank of Nigeria to operate as a microfinance bank.
Strategic Integration into C-One Ventures’ Ecosystem
The acquisition aligns with C-One Ventures’ strategy to consolidate technology-enabled financial services in Nigeria. By integrating Bankly’s services and infrastructure, C-One Ventures aims to enhance its offerings to individuals and businesses seeking comprehensive financial solutions.
Bankly’s Co-founder and CEO, Tomilola Majekodunmi, will remain involved in an advisory capacity during the transition. Reflecting on the company’s journey, Majekodunmi stated, “We’ve faced our share of challenges, but I’m confident that this acquisition will keep the Bankly vision alive.”
What This Means for You
For users and stakeholders in Nigeria’s fintech sector, Bankly’s acquisition by C-One Ventures signifies a continued trend of consolidation aimed at enhancing service delivery and financial inclusion. Customers can anticipate improved and more integrated financial services as Bankly’s offerings are combined with those of Fulcrum, GetPayed, and gomoney.
This development also reflects the dynamic nature of the African fintech landscape, where strategic partnerships and acquisitions are becoming increasingly common to drive growth and innovation.
