Fintech company C-One Ventures takes over Bankly in Nigeria, broadening its financial technology holdings.
C-One Ventures Acquires Bankly and Three Other Fintech Companies to Expand Financial Access in Nigeria
C-One Ventures, a leading venture capital firm, has announced its acquisition of four Nigerian fintech companies: Bankly, Fulcrum, GetPayed, and gomoney. This strategic move is aimed at expanding financial access in Nigeria, particularly in the informal economy, and building an interconnected suite of financial tools.
Bankly, a licensed microfinance bank, has been fully acquired by C-One Ventures. With over 50,000 agents and serving more than 2 million customers, Bankly offers digital savings, payment, and credit access services. The acquisition will see Bankly merged into C-One's broader fintech ecosystem, undergoing restructuring as it integrates into the larger system.
Bankly's co-founder and outgoing CEO, Tomilola Majekodunmi, expressed confidence that the acquisition will keep the Bankly vision alive and further advance the mission of empowering more Nigerians through inclusive financial solutions. Majekodunmi will support the transition in an advisory role.
Fulcrum is a supply chain finance platform, GetPayed is a business banking and payments app, and gomoney is a modern digital bank. The acquisition of these companies will further C-One Ventures' ambition to build an interconnected suite of financial tools, aiming to serve small businesses and underserved individuals across Nigeria.
The acquisition of Bankly underscores C-One Ventures' growing ambition to build an interconnected suite of financial tools. This strategic move is expected to enhance the expansion of financial access in Nigeria by enabling Bankly to scale its HR and payroll technology tailored for the African market and by leveraging Bankly's innovative cash digitisation system.
Bankly's "Recharge to save" voucher-based system effectively digitizes cash flow in a manner familiar to Nigerian consumers, helping reach the financially underserved last mile population. By expanding this approach with C-One Ventures' backing, Bankly can accelerate growth and deepen market penetration, supporting broader digital financial inclusion goals in Nigeria.
The details of the acquisition, including financial terms, were not disclosed. With the addition of Fulcrum, GetPayed, and gomoney, C-One Ventures has expanded its fintech portfolio, further solidifying its position in the Nigerian market.
[1] Source: TechCrunch [3] Source: Quartz Africa
- C-One Ventures' acquisition of Bankly, with its digital savings, payment, and credit access services, reflects their commitment to investing in technology that will help advance financial inclusion in Nigeria's business sector.
- Through the acquisition of four Nigerian fintech companies, including Bankly, Fulcrum, GetPayed, and gomoney, C-One Ventures is strategically expanding its business to build an interconnected suite of financial tools, aiming to empower small businesses and underserved individuals in Nigeria's informal economy.
