Cowrywise aim of digitizing investment management for Africans and enabling access to savings and investment products gets a boost as the StartUp announced that it has raised $3 million pre-series A funding.
The funding round led by Washington DC-based Quona Capital, with participation from Sahil Lavingia, Tsadik Foundation, and a syndicate of local and diaspora based Nigerian angels.
The startup was launched in 2017 Co-founded by Razaq Ahmed and Edward Popoola to give Nigerians access to a range of goal-oriented savings and investment products which has since grown from 2,000 in 2018 to 220,000 users as at now.
Razaq Ahmed, Cowrywise’s CEO says the funding takes the company further to achieve their vision to build a full-fledged wealth management solution, covering financial planning, savings, and investments.
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Cowrywise currently has 19 different mutual funds and at least 20% of the total mutual funds in the country are listed on its platform.
The company has also significantly invested in South African startups like Lulalend, Yoco, ZOONA, and ALLLIFE.