Fintech firm, Bankingly, closes $11m investment drive.

Fintech booms as naira crisis stretches banks’ digital platforms

Fintech firm, Bankingly, has successfully rounded off its $11 million investment drive for sustainable growth.

The round, led by Dalus Capital, was accompanied by IDB Lab, IDC Ventures, Athos Group, Kube Ventures, Grupo Finacess, iThink VC, Sonen Capital and Oikocredit.

The new investors join others that include Elevar Equity and Endeavor Catalyst.

Bankingly is positioning itself as a strategic partner of financial institutions for digital transformation, focusing on the development of customer-centric applications and digital channels.

The company, specifically, moves to collaborate with cooperatives, microfinance institutions, as well as small and medium banks in the emerging markets with a view to achieving financial inclusion via the technological wave of the post-pandemic world.

Bankingly, currently has close to100 subscribed financial institutions in Latin America and Africa linked to its SaaS platform.

The fresh investment is to allow the company to expand into 25 new markets, deepen its presence in Latin America, boost development in Africa and facilitate entry into the high-potential Asian markets.

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A second pillar of the strategy for 2022, according to the firm, is the expansion of its commercial partner products that enhance the value of the existing SaaS platform that currently has more than 3.5 million users.

The organisation’s CEO/founder, Martín Naor, in a statement, noted: “We created Bankingly with the vision of offering reliable and robust digital transformation tools at an affordable cost and a variable payment model that matches the institutional investment. In a few weeks, the digital channel will be fully operational, which will spur a revolutionary development in terms of what used to be a costly, long, and tedious process. Our focus has always been the enhancement of personalised relationships with our clients and in this sense, we have managed to successfully replicate the experience offered by the physical world.”

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The Business Development Manager for Nigeria, Ken Okolo, stated: “Technology is quickly becoming the core of financial services globally and paving the way for smart and simple banking solutions. It has transformed the finance industry, and Bankingly, is at the forefront of this change. Through our mobile and web platforms, we are enabling financial health and inclusion in Africa. Today, we have great innovative products included in our services such as Digital on-boarding of clients, products and cards, digital origination of loans and a fraud monitoring solution that fortifies potential gateways into the digital world.”

Also speaking, founding Managing Partner of Dalus Capital, Diego Serebrisky, observed: “We are tremendously excited about the opportunities that are ahead for Bankingly, which today is the leading global SaaS technology company focused on the digital transformation of financial institutions in emerging countries for customers. We are proud to support Bankingly in its growth and expansion, as it is contributing to the financial inclusion of millions of people, first in Latin America and Africa, and soon in Southeast Asia.”

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Founded in 2015, Bankingly is a fintech company with a vision of transforming the way in which financial institutions in emerging markets promote their digital channel and, therefore, facilitate the financial inclusion of millions of people around the world.

The provision of technologies hosted in the cloud, with a SaaS business model, based on the number of active users that each institution achieves, allows Bankingly clients to adjust their costs to the benefits achieved.

Source: guardian

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