Kwara, a fintech company based in Kenya, has just completed a $3 million seed extension funding.
Existing investors DOB Equity and Globivest, as well as the founder of Kobalt Music, participated in this round of funding.
One Day Yes and Base Capital are among the new investors, while Revolut’s Chief Financial Officer Mikko Salovaara is also among them.
Kwara is a digital banking platform that was established in 2018 by Cynthia Wandia and David Hwan. Its primary goal is to make it possible for unbanked and underbanked persons to generate wealth together in a hassle-free manner.
Kwara provides a management platform that is designed to drive efficiency and automation at the cooperative staff level. In addition, Kwara provides end-clients with a mobile banking app that is modeled after a neobank, in addition to other distribution channels.
“During the past three years, we have focused on elevating the credit union industry in Kenya, becoming the leading core banking provider in the country in the process. Our clients see the growth that is up to four times faster than that of comparable credit unions and member service that is up to one hundred times more effective. “With this acquisition, we will be able to provide a digital banking experience to each and every credit union in Kenya, and we will do so in conjunction with the most well-established credit union partner in Kenya,” Wandia explained.
The most recent investment round brings the total amount of funding the company has received to $7 million.
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