Stealthy Buyer Takes Control Of Bankly, Nigeria’s Unbanked-Focused Fintech

In a move that may have come as a surprise in Nigeria’s bubbling fintech scene, C-One Ventures, a stealthy fintech investor, has quietly acquired Bankly, the licensed microfinance bank known for digitising informal savings and extending financial services to Nigeria’s unbanked majority.

Founded in 2018 by Tomilola Majekodunmi and Frederick Adams, Bankly built its reputation on transforming traditional “ajo” and “esusu” savings schemes into secure, digital-led solutions. Through a network of over 50,000 agents and a platform serving more than 2 million individuals and SMEs, Bankly has been instrumental in bringing formal banking to remote and low-income communities.

Per a press release seen by WT, C-One Ventures, an investment firm with curiously limited public presence, specialising in technology-enabled financing, will integrate Bankly’s licenses, agent network, and talent with its existing portfolio: Fulcrum’s supply chain finance platform, GetPayed’s all-in-one payment app, and gomoney’s digital banking service.

Bankly CEO Tomilola Majekodunmi will stay on as an advisor to ensure a seamless transition and preserve the startup’s mission of driving last-mile financial inclusion.

This acquisition follows Bankly’s USD 2 M seed round in March 2021, led by Vault and Flutterwave, which backed the company’s initial expansion of its agent network from 2,000 to over 15,000 and laid the groundwork for digital savings and credit services. That round underscored investor confidence in Bankly’s phased approach; first building distribution, then onboarding customers to digital wallets and value-added services.

With regulatory approvals and banking licenses now under the C-One umbrella, Bankly’s technology and network are poised to scale further.

C-One Ventures plans to leverage Bankly’s reach to cross-sell complementary products across its fintech suite, accelerating growth in both urban and rural markets. As competition intensifies in Nigeria’s digital finance sector, this strategic consolidation could redefine how scalable, agent-based banking solutions are deployed in emerging markets.