Technology

Financial inclusion startup Bankingly raises Sh1.27bn for Kenya expansion

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Bankingly says it provides financial institutions with software-as-a-service that helps them serve customers via websites, mobile apps, chatbots and other tools. AFP PHOTO

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Summary

  • Uruguay’s financial technology firm Bankingly which operates in Kenya says it recently raised $11 million (Sh1.27 billion) in equity financing as it seeks to speed up its expansion in Kenya and regional countries.
  • Bankingly says it provides financial institutions with software-as-a-service that helps them serve customers via websites, mobile apps, chatbots and other tools.

Uruguayan financial technology firm Bankingly which operates in Kenya says it recently raised $11 million (Sh1.27 billion) in equity financing as it seeks to speed up its expansion in Kenya and regional countries.

Bankingly says it provides financial institutions with software-as-a-service that helps them serve customers via websites, mobile apps, chatbots and other tools.

The funding round was led by Mexico-based Dalus Capital, and accompanied by 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 joined existing ones that 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 Bankingly founder and chief executive Martín Naor in a statement.

Founded in 2015, Bankingly serves approximately 100 companies that have a total of approximately 3.5 million consumers in Latin America and Africa including Kenya.

"Technology is quickly becoming the core of financial services globally and paving the way for smart and simple banking solutions,” said Bankingly business development manager for Kenya Emily Odindo.

“It has transformed the finance industry, and Bankingly is at the forefront of this change.”