Financial inclusion startup Bankingly raises 1.27 billion shillings for expansion in Kenya
Technology
Financial inclusion startup Bankingly raises 1.27 billion shillings for expansion in Kenya
Wednesday, May 25, 2022
Bankingly claims to provide financial institutions with software as a service that helps them serve customers through websites, mobile apps, chatbots and other tools. AFP PHOTO
Summary
- Uruguayan financial technology company Bankingly, which operates in Kenya, said it recently raised $11 million (1.27 billion shillings) in equity funding as it seeks to accelerate its expansion in Kenya and the countries of the region.
- Bankingly claims to provide financial institutions with software as a service that helps them serve customers through websites, mobile apps, chatbots and other tools.
Uruguayan financial technology company Bankingly, which operates in Kenya, said it recently raised $11 million (1.27 billion shillings) in equity funding as it seeks to accelerate its expansion in Kenya and the countries of the region.
Bankingly claims to provide financial institutions with software as a service that helps them serve customers through websites, mobile apps, chatbots and other tools.
The funding round was led by Dalus Capital, based in Mexico, and accompanied by IDB Lab, based in Washington, IDC Ventures in South Africa, Athos Group, Kube Ventures based in the United Arab Emirates, Grupo Finacess in Mexico, iThink VC in Paraguay, Sonen Capital in the United States and the Netherlands. ‘Oikocredit.
The new investors joined existing ones which include, among others, Elevar Equity and Endeavor Catalyst.
“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,” said the founder and director. General of Bankingly, Martín Naor, in a press release.
Founded in 2015, Bankingly serves around 100 businesses that together have around 3.5 million consumers in Latin America and Africa, including Kenya.
“Technology is rapidly becoming the heart of financial services globally and is paving the way for smart and simple banking solutions,” said Emily Odindo, Bankingly’s business development manager for Kenya.
“It has transformed the financial industry, and Bankingly is at the forefront of that change.”