• Kenyan Fintech Kwara has raised $3 million in a seed extension round.
• The capital was backed by DOB Equity, Globivest, and Willard Ahdritz.
• The fintech has also signed a digital solutions distribution agreement with the Kenya Union of Savings & Credit Cooperatives (KUSCCO).
Kwara, a Kenyan fintech startup that is targeting the financially excluded, recently announced that it has raised $3 million in a seed extension round. The capital was backed by DOB Equity, Globivest, and Willard Ahdritz, with other investors such as One Day Yes and Base Capital also participating in the round. Additionally, the chief financial officer of Revolut, Mikko Salovaara, is reported to have joined this round.
This latest funding round brings the total amount of capital that the fintech has now raised via this funding round to $7 million. Kwara’s co-founder and CEO, Cynthia Wandia, commented on the timing of the fintech’s agreement with the Kenya Union of Savings & Credit Cooperatives (KUSCCO) saying “We think we’ve barely scratched the surface in the Kenyan market. And so, we are just going to be really investing in products and services that deepen our relationship here.”
Kwara’s neobank app is designed to give members access to additional services such as digital payments, savings, and credit. The app also provides access to financial education and digital commerce, to help its users make informed financial decisions. It also has a partnership with mobile money operator M-Pesa, which allows its users to send and receive money on their app.
The fintech startup previously raised $4 million in a seed round that was backed by Breega, Softbank Vision Fund Emerge, Finca Ventures, and New General Market Partners. With its latest funding round, Kwara is aiming to fund its growth and expand its client base, which has already more than doubled in 2023.
Kwara is making strides in the Kenyan market and is working to provide the financially excluded with better access to financial services. With its latest round of funding, the fintech is well on its way to achieving its goal.