Infocorp’s first spinoff Bankingly has raised $5.25Mn in a round led by Elevar Equity, and in which The Rise Fund, through its co-investment partnership with Elevar Equity, and Endeavor Catalyst also participated.
Through its software as a service solution (SaaS), Bankingly seeks to further financial inclusion by providing digital channels – mobile, online and conversational banking – to financial institutions (“FIs”) that focus on low-income and underserved customers. The company targets medium and small banks, member-owned FIs (cooperatives, credit unions, SACCOs) and microfinance companies (“MFIs”), often operating in semi-urban or rural markets, enabling them to become more competitive and better serve a customer segment historically overlooked by the traditional banking sector. Bankingly seeks to reach a market of roughly 5,000 cooperatives and 1,000 MFIs in Latin America, which currently serve over 92 million end customers. Furthermore, given that its fully customizable, secure and cloud-based SaaS digital banking solution can be integrated remotely, the company has begun and will continue to expand into Europe and Africa, where more than 200 million people are underbanked or unbanked.
“Enabling financial health and inclusion through great digital experiences is our mission and having Elevar Equity, The Rise Fund and Endeavor Catalyst on board not only provides us the capital but most importantly the insight, access and network that we need to execute on our mission around the world,” said Martin Naor, Founder and CEO of Bankingly. “The Bankingly team is really excited to start this new phase for the company and enriching the financial lives of even more people.”
The current round of funding will be used to expand sales and build out new product features as a continued effort to scale the business. Bankingly was spun off from Infocorp, one of Latin America’s largest software providers serving large banks with an omnichannel platform for electronic and digital banking.
About Elevar Equity
Elevar Equity, a human centered venture capital firm, invests in transformative and scalable entrepreneurial ventures focused on low income communities in India and Latin America. The Elevar Method of investing has democratized essential services for over 20 million underserved customers and catalyzed billions of dollars of capital into more than 30 companies focused on financial services, agriculture, education, healthcare and housing. You can learn more here: www.elevarequity.com
About The Rise Fund
The Rise Fund is the world’s largest global fund committed to achieving measurable, positive social and environmental outcomes alongside competitive financial returns —what we call “complete returns.” The Rise Fund is managed by TPG Growth, the global growth equity and middle market buyout platform of alternative asset firm TPG. The Rise Fund is led by a group of influential thought leaders with a deep personal and professional commitment to driving social and environmental progress. The board includes: Bill McGlashan, TPG Growth Founder and Managing partner; Bono, Jeff Skoll, Mo Ibrahim, Laurene Powell Jobs, Anand Mahindra and Pierre Omidyar. The Rise Fund’s objectives align with the U.N.’s Sustainable Development Goals. The Rise Fund invests in education, energy, food and agriculture, financial services, growth infrastructure, healthcare, and technology, media, and telecommunications companies that deliver complete returns. For more information, visit www.therisefund.com.