MICROCAPITAL BRIEF: Bankingly of Uruguay Raises $11m in Equity Round Led by Dalus Capital to Help Financial Institutions Boost Digital Inclusion in Africa, Asia, Latin America

Uruguay’s Bankingly recently secured an investment package totalling USD 11 million, which it plans to use to expand in Latin America and Africa as well as enter Southeast Asia. Bankingly provides financial institutions with software-as-a-service (SaaS) that helps them serve customers via websites, mobile apps, chatbots and other tools, thus “facilitating the financial inclusion of millions of people…”. Bankingly CEO and Founder, Martin Naor, expressed the hope that the investment will enable the firm “to access a virtuous circle of growth opportunities in the world of payment methods, remittances and emerging business models for financial institutions.”

While the breakdown of the amounts placed by each investor has not been released, the funding round was led by Mexico’s Dalus Capital. The other investors are Switzerland-based Athos Group, Mexico’s Grupo Finaccess, Spain’s IDC Ventures, the Inter-American Development Bank Group’s IDB Lab, Paraguay’s iThink VC, UAE-based Kube Ventures, the Netherlands’ Oikocredit and US-based Sonen Capital.

Founded in 2015, Bankingly serves approximately 100 companies that have a total of approximately 3.5 million consumers.

By Hasnat Aslam, Research Associate

Sources and Additional Resources

Bankingly press release
https://www.bankingly.com/historical-investment-round/

Oikocredit press release
https://www.oikocredit.coop/k/en/n2613/news/view/351509/9049/oikocredit-invests-in-bankingly-to-support-digital-financial-services-in-emerging-markets.html

Dalus Capital homepage
https://daluscapital.com/

Athos Group homepage
https://www.athos-group.com/

Grupo Finaccess homepage
https://www.grupofinaccess.com/

IDB Lab homepage
https://bidlab.org/

IDC Ventures homepage
https://idcventures.com/

iThink VC homepage
https://www.ithinkvc.tech/

AngelList Talent profile on Kube Ventures
https://angel.co/kube-vc/syndicate