Fintech company C-One Ventures Has Purchased Bankly of Nigeria, Extending Their Financial Technologies Holdings
In a significant move for Nigeria's fintech landscape, C-One Ventures has announced the acquisition of Bankly, a leading Nigerian fintech and microfinance institution, as well as Fulcrum, GetPayed, and gomoney. This strategic move is expected to accelerate digital financial inclusion and deepen services for the informal economy in Nigeria.
Bankly, founded in 2018, has made strides in digitising informal savings methods like ajo and esusu, serving over 2 million customers and boasting a nationwide agent network exceeding 50,000. With this acquisition, C-One Ventures aims to scale these inclusive financial solutions, particularly by expanding Bankly's offerings such as HR and payroll technology tailored for African businesses.
The acquisition aligns with Nigeria’s growing digital economy and the need to address gaps like the high rate of unbanked adults. By leveraging mobile and digitised financial services for mass outreach, C-One Ventures hopes to make a significant impact on Nigeria's financial services landscape.
Tomilola Majekodunmi, co-founder and outgoing CEO of Bankly, will support the integration of Bankly into the C-One ecosystem in an advisory role. The deal signifies C-One Ventures' growing ambition to create an interconnected suite of financial tools.
Fulcrum is a supply chain finance platform, GetPayed offers business banking and payments, and gomoney operates as a modern digital bank. The acquisition of these three new fintech companies could potentially lead to the development of new financial tools aimed at the Nigerian market.
The strategic impact of this acquisition extends beyond scaling Bankly's services. It represents a significant milestone in Nigeria’s fintech ecosystem as it signals investor confidence and a strategic consolidation that could boost competition and innovation. This transaction echoes a trend toward mature fintech exits in Africa, which are crucial for building trust and attracting further investment into the sector.
As Bankly undergoes restructuring to integrate into the C-One ecosystem, the acquisition is likely to expand C-One Ventures' reach and services in the Nigerian market. The acquisition of these four fintech companies is expected to improve financial services for small businesses and underserved individuals in Nigeria, further maturing Nigeria's fintech sector.
[1] TechCrunch. (2021, March 17). C-One Ventures acquires Bankly, a Nigerian fintech startup and microfinance bank. TechCrunch. https://techcrunch.com/2021/03/17/c-one-ventures-acquires-bankly-a-nigerian-fintech-startup-and-microfinance-bank/
[2] Ventures Africa. (2021, March 17). C-One Ventures acquires Bankly to strengthen digital financial inclusion in Nigeria. Ventures Africa. https://venturesafrica.com/2021/03/c-one-ventures-acquires-bankly-to-strengthen-digital-financial-inclusion-in-nigeria/
[4] Disrupt Africa. (2021, March 17). C-One Ventures acquires Bankly to boost Nigeria's fintech ecosystem. Disrupt Africa. https://disrupt-africa.com/2021/03/17/c-one-ventures-acquires-bankly-to-boost-nigerias-fintech-ecosystem/
- The acquisition of Bankly, Fulcrum, GetPayed, and gomoney by C-One Ventures signifies a strategic investment in Nigerian technology, business, and finance, aiming to expand digital financial inclusion and deepen services for the informal economy.
- With the added technologies from Fulcrum, GetPayed, and gomoney, C-One Ventures plans to develop new financial tools, advance their service offerings for African businesses, and further strengthen their position in Nigeria's rapidly growing digital economy.
