A Kenyan fintech digitizing credit unions, Kwara, has reportedly raised $3 million through an initial 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 through this funding round.
Kwara Customer Base
Kwara, the Kenyan fintech targeting the financially excluded, reportedly raised an initial extension of $3 million and signed a digital solutions distribution deal with an organization representing Kenyan cooperatives. The fintech, which has 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. They also joined the latest round of financing from fintech One Day Yes and Base Capital. Revolut CFO Mikko Salovaara is reported to have joined this round.
Better access to additional services
Commenting on the timing of the fintech startup’s deal with the Kenya Credit Union Union (KUSCCO), Kwara Co-Founder and CEO Cynthia Wandia said:
We believe that we have barely scratched the surface in the Kenyan market. So we’re going to really invest in products and services that deepen our relationship here.
Before the fintech’s latest capital increase, 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 through this round of funding.
Through his neobank app, Kwara hopes to give members of KUSCCO’s partner unions better access to additional services. The same app also allows users to deposit funds directly into their respective credit union accounts, according to the report.
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