Nigerian fintech company, Cowrywise has closed a $3mn pre-Series A fundraise, led by Quona Capital.
The new funding will enable the fintech company to expand its product offerings, build out nascent investment management infrastructure, onboard more fund managers in Nigeria, broaden financial education program and continue to hire top talent.
“We believe making wealth management mainstream among first-time, retail investors has the potential to positively impact the financial future of any country, especially a country like Nigeria with young demography. Change in digital behaviour, innovation in digital infrastructure and continuous growth in the adoption of digital products have set the stage for a digital-first and scalable wealth management solution for the next generation”, CEO Razaq Ahmed stated.
Speaking on the new fundraise, Johan Bosini (partner at Quona Capital) shared his view on this investment and it demonstrates how our visions align:
“Razaq, Edward and the Cowrywise team are providing everyday Nigerians with easy access to powerful and flexible wealth-generating tools that have typically been reserved for people who are already wealthy. In a market of 200 million people, we think this will be very impactful for individuals to have more control over their financial future. We like the wealth tech space and the impact it can have in Nigeria in particular”.
The Cowrywise platform is designed to solve the problem of access by using a combination of free wealth advisory and consumer education paired with savings and investment offerings that can advance financial inclusion.