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Nigeria’s Cowrywise Closes US$3M Pre-Series A Round Led by Quona Capital

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Nigeria’s Cowrywise Closes US$3M Pre-Series A Round Led by Quona Capital

Nigerian digital wealth management platform Cowrywise has raised US$3 million in a pre-Series A round.

The round was led by Quona Capital with participation from Tsadik Foundation, Gumroad CEO Sahil Lavingia, and a syndicate of Nigerian angel investors locally and in the diaspora.

Launched in 2017 by Razaq Ahmed and Edward Popoola, Cowrywise provides secure online savings and investment platform that helps one automates their savings and investment, taking away the stress and planning required to do such on a regular basis thereafter generating daily interests over a period of time.

Read: Catalyst Fund Selects 6 African Startups For Its Inclusive Fintech 2021 Cohort 

The company’s first products launched to the market were savings-related products backed by fixed income instruments like treasury bills interests at 10 – 15 per cent. According to the CEO, Razaq Ahmed, the company has 19 different mutual funds and at least 20% of the total mutual funds in the country are listed on its platform.

“The new funding will enable us to expand our product offerings, build out our nascent investment management infrastructure, onboard more fund managers in Nigeria, broaden our financial education program and continue to hire top talent. ,” said Ahmed.

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 wealthtech space and the impact it can have in Nigeria in particular”.

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