Kwara, a FinTech firm in Kenya, has secured an additional US $3 million in a seed extension round, bringing its total financing to US $7 million.
Kwara, a company founded in 2018 by Cynthia Wandia and David Hwan, has developed a digital banking platform to assist underbanked and unbanked people in seamlessly accumulating wealth. It provides a management platform to boost productivity and automation at the level of cooperative personnel, as well as alternative channels and a mobile banking app in the neobank style for end users.
In December 2021, the multi-accelerated startup acquired $4 million in venture investment, and yesterday, Disrupt Africa announced that it has partnered with KUSCCO, the apex organisation for SACCOs in Kenya.
The current round of investment for Kwara includes contributions from previous investors DOB Equity, Globivest, and Kobalt Music’s creator. One Day Yes, Base Capital, and FinTech industry leaders like Mikko Salovaara, CFO of Revolut, are among the new investors.
“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.