Oikocredit invests in Bankingly to support digital financial services in emerging markets
The social impact investor has acquired a minority stake in the fintech as part of a funding round for USD 10 million
Amersfoort, the Netherlands – Social impact investor and global cooperative Oikocredit has become a minority shareholder in Bankingly, a software provider enabling the digitisation of cooperatives, microfinance institutions and small and medium banks.
To acquire the stake, Oikocredit participated in an investment round USD 10 million led by Dalus Capital. Other investors in the round included IDB Lab and Sonen Capital. The new investors join existing investors in Bankingly such as Elevar Equity.
The new round of investment in which Oikocredit has participated will allow Bankingly to expand into 25 new markets, deepen its presence in Latin America, boost development in Africa and facilitate entry into Asian markets.
Founded in 2015, Bankingly supports financial institutions in emerging markets with their digital transformation, focusing on the development of customer-facing digital channels like mobile apps and transactional websites.
To date, nearly 100 financial institutions in Latin America and Africa have subscribed to Bankingly’s software as a service (SaaS) platform, representing more than 3.5 million potential end-users for Bankingly’s software.
With this investment, Oikocredit reinforces its commitment to support financial inclusion through investments in fintech companies that facilitate increased access to financial services for low income people.
Nicolás Arrosa, Equity Officer at Oikocredit, said: “At Oikocredit, we are excited to enter this new partnership and support the growth of Bankingly. We were particularly drawn to company’s vision for facilitating the financial inclusion of millions of people through the digitisation of appropriate financial services. Bankingly’s vision is well aligned with Oikocredit’s goal of maximising social impact with our investments.”
About Bankingly
Bankingly is a fintech company with the vision of transforming the way in which financial institutions in emerging markets promote their digital channel and, therefore, facilitate the financial inclusion of millions of people around the world. The provision of technologies hosted in the cloud, with a SaaS business model, based on the number of active users that each institution achieves, allows Bankingly clients to adjust their costs to the benefits achieved. Through a brief, optimised implementation process with high functionality and cybersecurity standards, the Bankingly platform offers a mobile application, a transactional website, a chatbot and multiple other products. Today, more than 1,500,000 people from nearly 100 entities trust Bankingly's technology.
For more information see: www.bankingly.com
About Oikocredit
Social impact investor and worldwide cooperative Oikocredit has 45 years 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 close to 517 partners, with total outstanding capital of € 995.9 million (December 2021). For more information see: www.oikocredit.coop.
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Note for editors
For more information or to request an interview, please contact Jasmin Panjeta, Communications Manager, Oikocredit International, telephone: +31 33 422 4040, email: jpanjeta@oikocredit.org.