Financial technology firm which operates in Kenya, Bankingly, has raised $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, Netherlands’ Oikocredit, 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.
Founded in 2015, Bankingly provides financial institutions with software-as-a-service that helps them serve customers via websites, mobile apps, chatbots and other tools.
The company serves approximately 100 companies that have a total of approximately 3.5 million consumers in Latin America and Africa including Kenya.