How Cowrywise’s $3 Million Pre-series A Funding is Expected to Help Deepen its Relevance

Last week, Nigerian digital wealth management and financial planning startup, Cowrywise, announced that it had secured a $3 million Pre-series A funding which was led by Venture Capital firm Quona Capital. Other investors who participated in the fundraising include Sahil Lavingia, Tsadik Foundation and a group of Nigerian angel investors.

A press statement that was released by Cowrywise, which was seen by Business Elites Africa, disclosed that the funding is expected to facilitate a whole lot of things that will ultimately position the startup for profitability. Some of the expected outcome include:

• The funding will enable Cowrywise to expand its product offerings.
• The funding will help the startup to build out its nascent investment management infrastructure.
• It will facilitate the onboarding of more fund managers in Nigeria.
• It will help broaden Cowrywise’s financial education programme and continue to hire top talent.

Commenting on the development, a partner at Quona Capital, Johan Bosini, explained why the VC firm decided to invest in Cowrywise. According to him, “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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Established in 2017 by Razaq Ahmed and Edward Popoola, Cowrywise is on a mission to avail Nigerians (especially those under 35 years of age) more investment and savings options. The company said “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. We are more than excited to have these tailwinds while we build Cowrywise.”