C-One Ventures, an investment company with a focus on technology and finance, has acquired Nigerian fintech company Bankly, seven months after it appointed new MD, Stephen Amodu.
While the terms of the deal were not disclosed, a statement seen by Techpoint Africa revealed that Bankly will be merged with other fintech companies in C-One Ventures’ portfolio.
According to the statement, “The deal will see Bankly’s services, licenses, and talent integrated with complementary offerings from other companies within the C-One Ventures portfolio.”
The businesses in C-One Venture’s portfolio include supply chain financing platform Fulcrum, payments app GetPayed, and digital bank gomoney.
Founded in 2018, Bankly’s mission has been to drive financial inclusion in Nigeria. The company offers digital savings, payment services, and access to credit, often through an agent network of 50,000 people at different locations across the country.
The statement shared that Bankly serves over two million individuals and businesses.
The fintech has also raised $2 million in seed funding in 2021, backed by investors including Vault, Plug and Play Ventures, and Rising Tide Africa. It also received regulatory approval from the Central Bank of Nigeria to operate as a microfinance bank.
C-One Ventures, which describes itself as an investor focused on technology-enabled finance in Nigeria, said the integration of Bankly will support its broader strategy of offering connected financial products to individuals and businesses.
Bankly Co-founder and CEO Tomilola Majekodunmi will stay on in an advisory role during the transition.
While Bankly’s acquisition by C-One Ventures was not anticipated, there’s little to no indication as to why it is happening.
Majekodunmi, who helped lead Bankly’s growth over the past six years, said the company had made progress in digitising traditional savings systems like ajo and esusu for underserved communities. “We’ve faced our share of challenges, but I’m confident that this acquisition will keep the Bankly vision alive,” she said.
Bankly’s acquisition adds to the trend of mergers and acquisitions among African entities from Rise and Hisa to Wasoko and MaxAb., These events indicate a growing startup ecosystem.
