Pre-seed funding secured by Nigerian fintech startup Kwaba for African expansion
Kwaba, a Nigerian fintech firm that helps low and middle-income workers divide their annual rent into manageable monthly instalments, has received pre-seed capital to help it expand throughout Nigeria and Africa.
Kwaba, which was founded by Obinna Molokwu in January 2020 and is aimed at Nigerians wishing to pay rent in a modern method that represents their financial realities, is a digital platform that assists Africans with house payments.
The company also provides services such as apartment search, rapid cash at low rates, and additional credit facilities for property purchases. Kwaba received NGN115 billion in rent payment demands from over 30,000 consumers in the previous year. Its smartphone app, which was launched in August 2021, has around 2,000 downloads.
After receiving investment from Ingressive Capital in 2020, Kwaba has recently obtained an unknown amount of pre-seed money from Co-Creation Hub (CcHub) and other investors. It also participated in the LABS by ARM accelerator in the same year, receiving the extra US $20,000 in financing. Kwaba plans to expand across Nigeria and Africa with this round to provide more individuals with access to their service.
“Kwaba is helping to bridge the gap between property and finance. We understand the economic reality of Nigerian renters and have built our product to reflect this. We aim to improve the financial well-being of renters as we grow. For us, this new investment comes at a time when we are looking to strategically reposition and expand our services,” said Molukwu.
