Investment firm C-One Ventures has completed the full acquisition of Bankly, a Nigerian fintech startup and licensed microfinance bank. According to Bankly, the move aligns with its goal to expand tech-driven financial services across Nigeria.
The deal encompasses Bankly’s operational licenses, digital platform, and workforce, all of which will merge into C-One’s expanding fintech portfolio. A restructuring process is currently in progress to facilitate smooth integration, with Bankly’s co-founder and CEO, Tomilola Majekodunmi, transitioning to an advisory role to assist during the shift.
Launched in 2018 by Tomilola Adejana and Fredrick Adams, Bankly initially operated a “recharge to save” system, enabling users to fund digital wallets via airtime voucher tokens—a method widely used by Nigerians for mobile top-ups.
Over time, the platform diversified to offer savings products, payment solutions, group contribution tools, and credit access. Its services are supported by a network of over 50,000 agents and cater to more than 2 million individuals and businesses nationwide.
Earlier this year, Bankly raised $2 million in seed funding from investors such as Flutterwave and Vault, the parent company of VANSO (acquired by Interswitch in 2016).
Reflecting on the acquisition, Majekodunmi stated, “I’m deeply proud of Bankly’s journey over the past six years. We set out to advance financial inclusion for underserved communities and have made meaningful strides. While challenges arose, this acquisition ensures our vision endures and accelerates our mission to empower Nigerians through accessible financial solutions.”
WHAT YOU SHOULD KNOW
The acquisition of Bankly by C-One Ventures is a strategic move to capitalize on Nigeria’s fintech potential while addressing the challenges of a competitive and economically volatile market.
C-One’s vision to integrate Bankly into its broader ecosystem offers opportunities for scale and innovation but comes with risks related to integration, regulation, and competition.
As Nigeria’s fintech sector continues to mature, this acquisition could serve as a case study in balancing growth, inclusion, and operational excellence in an emerging market.
ALSO READ TOP STORIES FROM VERILY NEWS
