Kwara, a fintech startup based in Kenya, has just successfully completed a $3 million seed extension funding which now brings the firms total funding to $7 million.
Kwara is a digital banking platform that was founded by Kenyan electrical engineer, Cynthia Wandia and David Hwan in 2018 for all persons who use or may not use mainstream financial services to build wealth together in a more convenient way.
Kwara provides a management platform that drives efficiency and automation at the cooperative staff level, while provides end-clients with a mobile banking app that is modeled in a neo-bank style, in addition to other distribution channels.
The multi-accelerated startup raised a US$4 million seed funding round in December 2021 and had successfully raised another $3 million in seed funding.
DOB Equity, Globivest and the founder of Kobalt Music form part of the investors in Kwara’s latest round of funding. 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