Oikocredit leads US$ 2.5 million extension funding round for Uruguayan fintech partner Bankingly
This follow-on equity investment reinforces Oikocredit’s commitment to support digital financial services in emerging markets.
Social impact investorOikocredit has invested US$1.5 million in a total equity investment round of US$ 2.5 million for Uruguayan inclusive finance software provider Bankingly to support cooperatives, microfinance institutions, and small and medium banks in their digitalisation.
Other existing investors in Bankingly participating in this extension round include EMTV, Elevar Equity, Dalus Capital and Sonen Capital, and new investor Puerto Asís has also joined the round. The new funding will enable Bankingly to deepen its presence in Latin America and boost its market development in Africa and Asia.
Bankingly is dedicated to democratising financial services and to enabling ﬁnancial health and inclusion for all. It supports financial institutions in emerging markets with their digital transformation, focusing on the development of customer-facing channels like mobile apps and transactional websites.
To date, nearly 110 financial institutions in 22 countries, including Bolivia, Ecuador and Mexico in Latin America, Ghana and Kenya in Africa, and the Philippines in Asia, have subscribed to Bankingly’s software as a service (SaaS) platform. This represents more than 2 million potential end-users of Bankingly’s software.
Martín Naor, Bankingly's founder and CEO, commented: “This new funding round evidences Bankingly’s continued success and potential growth. We are committed to providing innovative solutions that enable financial institutions to deliver an exceptional digital experience to their customers. We are grateful for the support and confidence from our investors and excited about the opportunities ahead.”
Nicolás Arrosa, Equity Officer at Oikocredit, said: “Oikocredit and Bankingly are aligned in their join goal of creating a positive impact for low-income people and their communities. While many small and medium financial institutions in emerging markets face challenges in offering good-quality digital channels to meet their clients’ needs, Bankingly’s product addresses this challenge, facilitating the financial inclusion of hundreds of thousands of people.”
Founded in 2015, Bankingly emerged as a fintech company with a vision to transform the way financial institutions in emerging markets drive their digital channels and, consequently, facilitate financial inclusion for millions of people worldwide. By providing cloud-based technologies with a SaaS business model based on the number of active users achieved by each institution, Bankingly enables its customers to align their costs with the benefits gained. Through a streamlined and high-standard implementation process, Bankingly's platform offers a mobile application, a transactional web, a chatbot, and multiple other products. Today, Bankingly's technology is trusted by over 2,000,000 people across nearly 110 institutions.
Social impact investor and worldwide cooperative Oikocredit has nearly five decades of experience funding organisations active in financial inclusion, agriculture and renewable energy.
Oikocredit’s loans, equity investments and capacity building aim to enable people on low incomes in Africa, Asia and Latin America to improve their living standards sustainably.
Oikocredit finances more than 500 partners, with total outstanding capital of € 1,010.6 million (at March 2023). For more information: www.oikocredit.coop.
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