# Bankly

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/bankly

- Industry: Financial Services
- Headquarters: Lagos, Nigeria
- Total disclosed funding: $2M
- Latest round: Seed (Mar 24, 2021)
- Investors on record: 4

## About

Founded in 2019 by CEO Tomilola Adejana and Fredrick Adams and based in Lagos, Nigeria, 5554 Technologies Ltd., operating as Bankly, is a provider of an online platform that allows users to deposit and transfer money through its mobile application. Bankly received its first Seed funding in 2018 from Startupbootcamp and in 2021, the company raised USD 2 million in seed funding led by new investors InterSwitch Limited along with Plug and Play, Rising Tide Africa and The Chrysalis Capital Group, Inc. 

The company's product is a digital saving platform with a recharge-to-save model that allows users to transfer and deposit cash to suppliers and other channels. Additionally, the company provides a payment gateway for merchants to process online and offline cash transactions. The platform also provides a bill payment function for cable tv data, electricity, and other bill payment services. Bankly also advances loans and overdrafts from a bank account based on the user's usage and provides digital financial services for the financially excluded in Nigeria. 

Bankly earns revenue by charging a percentage fee from all merchant-related transactions. 

The company earns plans to grow its customer base to two million unbanked Nigerians by growing the number of its physical “cash in” points.

## Funding rounds

- Seed, Mar 24, 2021, $2M — InterSwitch Limited, The Chrysalis Capital Group, Plug and Play, Rising Tide Africa

## Investors

- InterSwitch Limited — Seed
- The Chrysalis Capital Group — Seed
- Plug and Play (https://capitalatlas.ai/funds/plug-and-play) — Seed
- Rising Tide Africa (https://capitalatlas.ai/funds/rising-tide-africa) — Seed