Kenyan fintech startup Kwara has raised a US$3 million seed extension round that takes the company’s total funding to US$7 million.
Founded in 2018 by Cynthia Wandia and David Hwan, Kwara has built a digital banking platform designed to help unbanked and underbanked individuals to build wealth together in a frictionless way. It offers a management platform to drive efficiency and automation at the cooperative staff level, and also has a neobank-style mobile banking app for end-clients, alongside alternative channels.
The multi-accelerated startup raised a US$4 million seed funding round in December 2021, while Disrupt Africa reported yesterday that it had entered into a partnership with KUSCCO, the umbrella body for SACCOs in Kenya.
Investors in Kwara’s latest round of funding include existing backers DOB Equity, Globivest and the founder of Kobalt Music. New investors include One Day Yes and Base Capital, as well as fintech executives including Mikko Salovaara, CFO of Revolut.
“We have spent the last three years uplifting the credit union sector in Kenya, becoming the leading core banking provider in Kenya. Our clients grow up to four times faster than other credit unions and serve members up to 100 times more efficiently. This acquisition enables us to place a digital banking experience in the hands of every credit union in Kenya, together with the most established credit union partner in Kenya,” Wandia said.