Uruguay-based Bankingly, a digital banking solution developer for financial institutions, has raised $5.25m in its latest funding round.
The capital injection was led by Elevar Equity, with participation also coming from The Rise Fund and Endeavor Catalyst.
Bankingly was spun out of Latin American software provider Infocorp and aims to boost financial inclusion by improving digital banking solutions. The company designs mobile, online and conversational banking solutions for financial institutions, with a focus on attracting low-income and underserved consumers.
The FinTech targets medium and small banks, member-owned financial institutions and micro-finance companies that are operating within semi-urban or rural regions. In Latin America, smaller financial institutions have struggled to build digital banking solutions due to costs, which is why Bankingly is hoping to improve their access to the market.
Its solutions are beginning to be deployed into Europe and Africa.
Through the burst of funding, the company will look to expand its sales and develop new products and features in order to continue its growth.
Elevar Equity co-founder Johanna Posada said, “Banking customers, irrespective of where they live or their income levels, should have access to world-class digital banking solutions that reduce their transactions costs, improve transparency and have increased access to new products and services, ultimately improving their lives.”
Earlier in the year, Elevar Equity took part in the $48m Series D round of India-based online lending platform Shubham Housing Development Finance Company. The company is a housing finance solution that that offers loans for home improvements, purchasing a new house, extensions, refinancing, mortgage buyout and travel, among others.
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