Nigerian fintech startup Bankly has been acquired by investment firm C-One Ventures, just seven months after the company appointed Stephen Amodu as its new Managing Director. While financial details of the transaction remain undisclosed, the move signals a strategic merger within C-One Ventures’ growing portfolio of finance-focused companies.
In a report statement, C-One Ventures confirmed that Bankly’s operations, licences, and team will be integrated with other businesses under its umbrella. “The deal will see Bankly’s services, licenses, and talent integrated with complementary offerings from other companies within the C-One Ventures portfolio,” the company said.
C-One Ventures’ existing portfolio includes Fulcrum, a platform focused on supply chain financing; the payments app GetPayed; and gomoney, a digital banking service. The acquisition of Bankly is expected to strengthen its broader strategy of delivering interconnected financial solutions to both individuals and businesses across Nigeria.
Founded in 2018, Bankly has carved a niche for itself by targeting financially underserved communities. The startup provides digital savings, payment services, and credit access through an agent network spanning over 50,000 locations nationwide. To date, it serves more than two million individuals and small businesses. In 2021, it secured $2 million in seed funding from investors such as Vault, Plug and Play Ventures, and Rising Tide Africa. It also holds a microfinance banking licence from the Central Bank of Nigeria.
Though the acquisition came as a surprise, no clear reasons have been disclosed for the timing or motive behind the deal. Bankly’s Co-founder and outgoing CEO Tomilola Majekodunmi will remain with the company in an advisory capacity during the transition.
Reflecting on the company’s journey, Majekodunmi said Bankly has made meaningful strides in digitising informal savings systems like ajo and esusu, particularly for marginalised populations. “We’ve faced our share of challenges, but I’m confident that this acquisition will keep the Bankly vision alive,” she said.
The acquisition adds to a growing wave of consolidation in Africa’s fintech space, joining recent mergers involving startups like Rise, Hisa, Wasoko, and MaxAb. These developments suggest a maturing ecosystem where strategic partnerships and integrations are increasingly seen as pathways to scalability and sustainability.