C-One Ventures, a Nigerian investment firm focused on technology and finance, has acquired Bankly, a licensed microfinance bank.
The acquisition includes Bankly’s operations, regulatory licenses, and team, all of which will be integrated into C-One’s growing portfolio of financial technology businesses. These include Fulcrum, a supply chain financing platform; GetPayed, a payments and banking app; and gomoney, a digital bank.
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Bankly raised $2 million in 2021 in its first funding round, backed by Vault, Plug and Play Ventures, and Rising Tide Africa. The funds supported the company in the initial expansion of its agent network, laying the groundwork for digital savings and credit services. It also got regulatory approval from the Central Bank of Nigeria to operate as a microfinance bank.
Founded in 2019, Bankly first started operations as a tech-driven solution to combat fraud and financial losses in informal savings groups. Launched Bankly Microfinance Bank in 2023.
Commenting on the acquisition, Bankly co-founder “With just $1.7M in equity, we built two licensed companies (a payment company and a microfinance bank) grew revenues to $5M (at funding exchange rates), onboarded over 50,000 agents (17,000 equipped with our own POS terminals), served over 5 million people annually through these channels, banked over 250,000 unique users, and processed over $1.2 billion annually— all with a lean, brilliant team of just 60 people.“
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