Kwaba Raises undisclosed amount from Ingressive Capital for Expansion

Kwaba, a Lagos-based fintech firm that helps Lagos residents to conveniently pay their rents through monthly instalments, announced yesterday that it has received funding from Ingressive Capital. No mention was made about how much exactly was raised.

According to a press statement that was seen by Business Elites Africa, the funding from Ingressive Capital will enable Kwaba to continue facilitating easier rentals for Lagosians. Part of the statement said:

“Kwaba will continue to build a bridge between renters and the financial security they need to pay their bulk rent. Recent happenings worldwide and in Nigeria have left many stranded and in dire need of financial assistance post-Covid. Kwaba is bent on helping as many people attain their rental freedom. With our newfound partnership with Ingressive Capital, we would keep meeting each renter’s need one step at a time.”

We are delighted to announce our recent partnership with @IngressiveCap to continue building out the future of rent payment. https://t.co/LLrQSvzPQc #kwaba #future pic.twitter.com/hcqweGgw4x

— Kwaba (@kwaba_ng) November 3, 2020

Founded last year (2019) by Obinna Molokwu and Jadesola Opawumi, Kwaba is innovatively disrupting the real estate industry in Africa’s most populous city. This is much to the advantage of low-income earners. As you may well know, landlords in Lagos and across Nigeria collect their rents on an annual basis. Often times, residents seeking to rent new flats are required to pay two years’ worth of rents upfront; an obviously inconvenient requirement.

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With Kwaba however, Lagosians can easily rent their dream homes and conveniently pay off the rental fees on a monthly basis. Details about how this system really works is not readily available to the public. But we understand that Kwaba works in partnership with online rental agencies such as Nigerian Property Centre and others.