KENYA – Financial technology firm, Bankingly, has raised US$11 million in equity financing as it seeks to expand in Kenya and regional countries.
Investors who took part in the funding round include Dalus Capital, Washington-based IDB Lab, South Africa’s IDC Ventures, Athos Group, UAE-based Kube Ventures, Mexico’s Grupo Finacess, Paraguay’s iThink VC, US-based Sonen Capital and Netherlands’ Oikocredit.
The new investors join existing ones that include, among others, Elevar Equity and Endeavor Catalyst.
The fintech says it will use the funding to access growth opportunities in the world of payment methods, remittances, and emerging business models for financial institutions.
The fresh investment will also 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.
“At Dalus Capital we are tremendously excited about the opportunities that are ahead forBankingly, which today is the leading global SaaS technology company focused on the digital transformation of financial institutions in emerging countries for customers,” Diego Serebrisky, Founding Managing Partner of Dalus Capital, stated.
“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.”
Bankingly positions itself as a strategic partner of financial institutions for their digital transformation, focusing on the development of customer-facing applications and digital channels.
The company specifically looks to partner with cooperatives, microfinance institutions and small and medium banks from emerging markets, which have gained momentum in terms of financial inclusion from the technological wave of the post-pandemic world.
Today, Bankingly has nearly 100 subscribed financial institutions in Latin America and Africa to its SaaS platform. This new round of investment will allow the company to expand into 25 new markets, deepen its presence in Latin America, boost development in Africa and facilitate entry into high potential Asian markets.
“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,” Martín Naor, CEO and Founder of Bankingly, stated.
“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.
“This new round of investment allows us to access a virtuous circle of growth opportunities in the world of payment methods, remittances, and emerging business models for financial institutions.”
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