Kenyan Fintech Kwara Raises $3 Million in Seed Extension in a Series A Funding Round
The Kenyan fintech Kwara, which reportedly collected $3 million in early funding and struck a distribution agreement for digital solutions with a group that represents Kenyan cooperatives, has been targeting the financially excluded. The fintech, which more than doubled its clientele in 2023, stated it plans to use the funds acquired to further its expansion.
A Techcrunch report states that Willard Ahdritz, DOB Equity, and Globivest are among the current investors taking part in the startup's seed expansion round. One Day Yes and Base Capital also contributed to the fintech's most recent fundraising round. Revolut's chief financial officer, Mikko Salovaara, is said to have participated in this round.
Kwara co-founder and CEO Cynthia Wandia allegedly remarked the following in response to the timing of the fintech startup's deal with the Kenya Union of Savings & Credit Cooperatives (KUSCCO): “We think we’ve barely scratched the surface of the Kenyan market. And so, we are just going to be really investing in products and services that deepen our relationship here.”
Kwara raised $4 million in a seed round before the fintech's most recent funding round, with support from Breega, Softbank Vision Fund Emerge, Finca Ventures, and New General Market Partners. The most recent round takes Kwara's total money received during this funding round to $7 million.
Kwara wants to provide better access to additional services for the union partners of KUSCCO through its neobank app. According to the report, users of the same app can also deposit money straight into their individual credit union accounts.
CBW - External Analyst