Bankly, a Nigerian fintech startup, has closed a $ 2 million seed funding in a recent investment round led by Vault, with the participation of Rising Tide Africa, Plug and Play Ventures, and Chrysalis Capital. The 3-year-old startup digitizes financial services for small scale trades using rotating savings.
The startup helps unbanked individuals to combine savings through a thrift collector, who disburses the funds when they are due. Bankly digitizes the collection process, giving unbanked users online and offline channels through a network of 15,000 agents, therefore overcoming challenges such as lack of access, the disappearance of a collector, and the need to save in when in a particular location, common in merry go rounds.
The platform also collects information on new consumers, building communities where users can save their come with agents. As customers transact over time, the platform obtains insights into their behaviour and can tailor products specific to their needs, thus accessing financial inclusion.
Speaking on the recent funding, Bankly Co-Founder and CEO Tomilola Adejana says,
“We’re thrilled to have closed this milestone fundraise and to have such seasoned fintech investors who understand the market join us on this journey to bank Nigeria’s unbanked. Now we have built the agent network and are poised to serve customers directly via offline and online channels. Partnerships, collaboration, and a deep understanding of the needs of the unbanked will be vital to our success.”
Bankly targets to grow its customer base to 2 million in the next three years.
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