Nigerian Fintech Bankly Reportedly Secures $2 Million Through Seed Funding Round Led By Vault

Bankly, a Nigeria-based fintech, has reportedly secured $2 million through its seed funding round, with was led by Vault. Founded in 2018 by Tomilola Adejana and Fredrick Adams, Bankly states it provides a USSD based savings product where users fund their account using Bankly vouchers nationwide.

“We believe that the only way to make financial products and services ubiquitous is to view them through the lenses of a Fast moving consumer good (FMCG) as seen in the telecoms industry through the distribution of vouchers for mobile top ups for digitization of cash.”

While sharing details about the investment round, Adejana revealed to TechCrunch:

“We’re thrilled to have closed this milestone fundraise and to have such seasoned fintech investors who understand the market join us on this journey to bank Nigeria’s unbanked. Now we have built the agent network and are poised to serve customers directly via offline and online channels. Partnerships, collaboration, and a deep understanding of the needs of the unbanked will be vital to our success.”

TechCrunch further revealed that Bankly is aiming to grow its customer base to 2 million unbanked Nigerians over the next three years. The company will using the seed round’s funds to continue the growth and development of its platform.

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