Oikocredit leads US$ 2.5 million extension funding round for Uruguayan fintech partner Bankingly
This follow-on equity investment reinforces Oikocredit’s commitment to support digital financial services in emerging markets.
Social impact investor Oikocredit has invested US$1.5 million in a total equity investment round of US$ 2.5 million for Uruguayan inclusive finance software provider Bankingly to support cooperatives, microfinance institutions, and small and medium banks in their digitalisation.
Other existing investors in Bankingly participating in this extension round include EMTV, Elevar Equity, Dalus Capital and Sonen Capital, and new investor Puerto Asís has also joined the round. The new funding will enable Bankingly to deepen its presence in Latin America and boost its market development in Africa and Asia.
Bankingly is dedicated to democratising financial services and to enabling ﬁnancial health and inclusion for all. It supports financial institutions in emerging markets with their digital transformation, focusing on the development of customer-facing channels like mobile apps and transactional websites.
To date, nearly 110 financial institutions in 22 countries, including Bolivia, Ecuador and Mexico in Latin America, Ghana and Zambia in Africa, and the Philippines in Asia, have subscribed to Bankingly’s software as a service (SaaS) platform. This represents more than 2 million potential end-users of Bankingly’s software.
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