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Oikocredit invests in Bankingly to support digital financial services in emerging markets
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 $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, Oikocredit: “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.”
