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Bankly, a Nigerian fintech startup has successfully raised $2 million in seed funding to offer direct-to-consumer (DTC) products to Nigeria’s unbanked and underbanked populations. The startup was founded by Tomilola Adejana and Fredrick Adams in July 2019.

Bankly is a digital savings and peer to peer transfer product where users fund their wallet using tokens available on Bankly vouchers nationwide in a “Recharge to save” model. This cash digitisation system is similar to the telco mobile airtime top up and is currently available on MTN and 9mobile networks in Nigeria.

The startup announced a seed funding round of $2 million, led by Vault with participation from Plug and Play Ventures, Rising Tide Africa and Chrysalis Capital.

Vault is the holding company for VANSO, a fintech company that was acquired by Interswitch.

The fund raised will help Bankly increase its 35,000 customer base in cash-dependent communities by growing the number of its physical “cash in” points by expanding its 15,000 person agent network and plugging its API into partner networks. 

Bankly will also develop DTC products for its customer base that will be available through its app and USSD channels. Over the next three years, Bankly aims to grow its customer base to two million unbanked Nigerians.

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