Dealflow | November 18, 2018

Elevar, Rise Fund back Uruguayan fintech firm Bankingly

Jessica Pothering
ImpactAlpha Editor

Jessica Pothering

ImpactAlpha, November 18 – Montevideo-based Bankingly offers software to financial institutions to help them expand digital channels accessible to low-income and underserved customers. The firm primarily serves financial institution in Latin America, but is eying expansion in Europe and Africa. 

The company software is made for institutions that lack the resources to invest in new technologies, primarily small and mid-sized banks, cooperatives, and microfinance institutions serving rural and semi-urban markets. Its technology covers “mobile, online and conversational banking.”

To support its mission, impact investor Elevar Equity and TPG Growth’s Rise Fund have backed Bankingly’s $5.25 million Series A round. Endeavor Catalyst also participated in Bankingly’s equity round.

The deal is the latest co-investment between Elevar and The Rise Fund. The investors have also jointly invested in Buenos Aires-based edtech ventures Grupo VI-DA and Digital House and Mumbai-based LEAD.