Fintech investors in Nigeria deal
Bankly, a Nigerian fintech company digitising cash for the unbanked, announced a seed fundraising round of $2 million. The round was led by Vault with participation from Plug and Play Ventures, Rising Tide Africa and Chrysalis Capital.
With the fundraise, Bankly looks to increase its 35,000 customer base in cash dependent communities. To achieve this, the company plans to grow the number of its physical “cash in” points by expanding its 15,000 person agent network and plugging its API into partner networks. Bankly will also develop direct-to-consumer (DTC) products for its customer base that will be available through its app and USSD channels.
Over the next three years, Bankly aims to grow its customer base to 2 million unbanked Nigerians, supporting the aims of the Central Bank of Nigeria’s National Financial Inclusion Strategy.
“We’re thrilled to have closed this milestone fundraise and to have such seasoned fintech investors who understand the market join us on this journey to bank Nigeria’s unbanked. Our goal has always been to reach the last mile using a fast-moving consumer strategy. Now we have built the agent network and are poised to serve customers directly via offline and online channels. Partnerships, collaboration, and a deep understanding of the needs of the unbanked will be vital to our success,” said Tomilola Adejana, CEO and co-founder of Bankly.
“Given our over 20 years experience in Nigeria’s fintech industry and previous exits, we strongly believe that Bankly understands the nuanced needs of this market – not to mention the team, strategy, and technology – to succeed in bringing affordable financial services to the unbanked. We are delighted to participate in this financing round as Bankly moves into its next growth stage,” said Idris Alubankudi Saliu, partner, Vault.
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