Uruguayan fintech Bankingly gets $5m investment
Uruguayan fintech Bankingly has received a $5.25 million in an investment round led by venture capital fund Elevar Equity, with participation from the Rise Fund.
Interestingly, the Rise Fund has Irish musician Bono, vocalist of U2 on its board of directors.
According to non-profit member organisation Lavca, other investors include Endeavor Catalyst.
Bankingly, an offshoot of Inforcorp, which specialises in digital financial services, seeks to promote financial inclusion by providing digital channels – such as mobile, online and conversational banking – to financial institutions that focus on low-income clients or are unattended by the banking market.
The Uruguay firm has already expanded to Europe and Africa.
“Our goal is to achieve financial health and inclusion through great digital experiences, and having Elevate Equity, the Rise Fund and Endeavor Catalyst on board not only provides us with capital, but most importantly, information, access and the network we need to execute our mission,” says Martín Naor, founder and CEO of Bankingly, who has also been president of the Uruguayan Chamber of Fintech for a few weeks.
The financing will be used to expand sales and develop new features of the products.