Kwara, the Kenyan fintech targeting the financially excluded, has reportedly raised a $3 million seed extension and has signed a digital solutions distribution agreement with an organization representing Kenyan cooperatives. The fintech, which more than doubled its client base in 2023, said it hopes to fund its growth with the capital raised.
Payments remain the fintech industry’s darling. Improved Access to Extra Services
Kwara co-founder and CEO Cynthia Wandia reportedly said of the timing of the fintech startup’s agreement with the Kenya Union of Savings and Credit Cooperatives (KUSCCO):
We believe we have only scratched the surface of the Kenyan market. As a result, we will only invest in products and services that will deepen our relationship here. Prior to this latest round of funding, Kwara raised $4 million in a seed round led by Breega, Softbank Vision Fund Emerge, Finca Ventures, and New General Market Partners. The latest round brings Kwara’s total capital raised through this funding round to $7 million.
Better Access to Additional Services
Commenting on the timing of the fintech startup’s agreement with the Kenya Union of Savings & Credit Cooperatives (KUSCCO), Kwara co-founder and CEO Cynthia Wandia reportedly said:
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.
Before the fintech’s latest capital raise, Kwara raised $4 million in a seed round that was 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 funding round. Through its neobank app, Kwara hopes to give members of KUSCCO’s partner unions improved access to additional services. The same app also makes it possible for users to directly deposit funds into their respective credit union accounts, the report said.
