Exclusive: Nigerian Fintech Bankly gets acquired by C-One Ventures

C-One Ventures, a Nigerian investment firm focused on technology and finance, has acquired Bankly, a licensed microfinance bank known for its work with unbanked and underbanked communities across Nigeria.

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.

Founded in 2018, Bankly built its reputation on digitising informal savings methods like ajo and esusu, particularly in rural and low-income areas. The company, which last raised $2 million in seed funding in 2021, says it has over 2 million customers and a network of more than 50,000 agents nationwide.

With this move, C-One Ventures appears to be consolidating its fintech offerings under one roof, targeting both individuals and small businesses across different layers of Nigeria’s financial ecosystem.

A transition process is underway, including a structural reorganisation to align Bankly with its new parent company. Bankly’s CEO and co-founder, Tomilola Majekodunmi, will step back from daily operations but remain involved in an advisory role.

“I am immensely proud of what we have achieved at Bankly over the last six years. Bankly was founded with a mission to drive financial inclusion to the last mile, and we have certainly made significant progress on that front.” Majekodunmi said in a statement.

“Like any business, we’ve faced our share of challenges, but I’m confident that this acquisition will keep the Bankly vision alive and further advance our mission of empowering more Nigerians through inclusive financial solutions.”

C-One did not disclose the value of the deal or further operational details about the integration.