Quona Capital backs Nigerian wealth management platform
Nigerian fintech company Cowrywise has closed a $3 million pre-series A funding round, led by Quona Capital. This is Quona’s first investment in Nigeria. Others that participated in the round include Sahil Lavingia, Tsadik Foundation and a syndicate of Nigerian angels.
Cowrywise is a wealth management platform that enables users to plan and manage finances, save money and invest in mutual funds.
According to the company, the funding round will strengthen its vision of making wealth management accessible to everyday people in Nigeria and moves it a step closer to its medium-term pan-African ambition.
Johan Bosini, partner at Quona Capital, said: “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.”
Razaq Ahmed, CEO of Cowrywise, commented: “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 programme and continue to hire top talent. 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 a 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.”
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