Kenyan Fintech Kwara Raises $3M in Seed Extension – Fintech Bitcoin News
A Kenyan fintech digitizing credit unions, Kwara, is reported to have raised $3 million via a seed extension round that was backed by DOB Equity, Globivest and Willard Ahdritz. The latest round brings to $7 million the amount of capital that the fintech has now raised via this funding round.
Kwara’s customer base
Kwara, the Kenyan fintech targeting the financially excluded, has reportedly raised a $3 million seed round and signed a digital solutions distribution deal with an organization representing Kenyan cooperatives. The fintech, which more than doubled its customer base by 2023, said it hopes to fund its growth with the capital raised.
According to a Techcrunch report, existing investors participating in the startup’s seed extension round include DOB Equity, Globivest and Willard Ahdritz. In addition, One Day Yes and Base Capital joined fintech’s latest funding round. Revolut’s chief financial officer, Mikko Salovaara, is said to have joined this round.
Better access to additional services
Commenting on the timing of the fintech start-up deal with Kenya Union of Savings & Credit Cooperatives (KUSCCO), Kwara co-founder and CEO Cynthia Wandia is said to have said:
We believe we have barely scratched the surface of the Kenyan market. And so, we’re just going to really invest in products and services that deepen our relationship here.
Prior to the fintech’s latest capital raising, Kwara raised $4 million in a seed round backed by Breega, Softbank Vision Fund Emerge, Finca Ventures and New General Market Partners. The latest round brings to $7 million the amount of capital that Kwara has now raised via this round of funding.
Through its neobank app, Kwara hopes to provide members of KUSCCO’s partner associations with improved access to additional services. The same app also enables users to deposit money directly into their respective credit union accounts, the report said.
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