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The funding round was led by Quona Capital, a venture capital firm that invests in growth-stage fintech startups. This is its first investment in Nigeria. Sahil Lavingia, CEO of Gumroad, also participated in the round, as did the Tsadik Foundation and a syndicate of Nigerian angel investors. It had previously received funding from such sources as Microtraction and Y-Combinator.
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Cowrywise currently has over 200,000 users. Razaq says that the new funding will allow the startup to expand its product offerings, build its investment management infrastructure, bring on more fund managers, and hire more talent. Actions that it may take shortly could include increasing the number of mutual funds available on Cowrywise. At the moment, the platform has mutual funds from five partners listed on it: Afrinvest, ARM, Lotus Capital, Meristem Wealth Management, and United Capital.
“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,”he opined. Johan Bosini, speaking on his firm’s decision to invest in Cowrywise, said that they believed in the potential of Nigeria’s wealth-tech space to positively impact the lives of its citizens.
“In a market of 200 million people, we think this will be very impactful for individuals to have more control over their financial future,”Bosini said. Featured Image Source: Nairametrics
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