Kenyan financial technology (fintech) provider Kwara has announced a $3 million seed extension that will allow the company to quickly expand its digital banking services to thousands of credit unions in the African country. The investment was led by Velseis Private Equity and saw participation from existing investors such as Ubenwa Partners, Cross Culture Ventures, and Future Africa.
Kwara has been rapidly expanding its presence across the African financial sector since its inception three years ago. The fintech provides a wide range of financial products and services, which includes digital banking, mobile loans, insurance, payments, and financial literacy services. The company’s platform is available for both individuals and organisations, making its services easily accessible for everyday use.
The new investment will serve to expand Kwara’s services to over 4,000 credit unions across the country, an effort which will make the financial platform even more accessible to Kenyan citizens. Additionally, the company recently signed a strategic partnership with the Caritas Bank, a mutual bank dedicated to serving the needs of Kenyans who are either unbanked or under-banked.
Kwara’s CEO and co-founder, Anunay Arora, stated that the company’s primary goal is to make financial services conveniently and securely available to those who have limited or no access to the traditional banking system. Noting that there are 8 million unbanked Kenyans, Arora believes that the new seed extension and partnership will have a “massive impact” on the lives of many people.
These are indeed exciting times for the Kenyan financial sector, as Kwara continues to revolutionize the industry through innovation and expansion. With the recent surge of investments and partnerships, the company is poised to make a meaningful dent in financial inclusion in the country and beyond.