Nigeran wealth management startup, Cowrywise, has announced banking $3million Pre-Series A funding in a new investment led by the Washington DC VC, Quona Capital, becoming the first funded Nigerian startup in Quona Capital’s Africa portfolio.
The investment though led by Quona Capital, also saw the participation of Sahil Lavingia, Tsadik Foundation and a host of local and diaspora based Nigerian angels.
The Nigeran wealth management startup, which launched in 2017, is a platform designed to give Nigerians access to a range of goal-oriented savings and investment products.
According to Cowrywise, the funds will be used to expand its product offerings to more asset classes, support the onboarding of more fund managers in Nigeria and across the globe while deepening its investment management infrastructure.
Razaq Ahmed, the company’s CEO disclosed that the funding takes the company a step closer to it’s vision of building a full-fledged wealth management solution.
He said: “Our vision is to build a full-fledged wealth management solution, covering financial planning, savings and investments. This funding takes us a step closer to that.”
Earlier in June 2018, the startup closed an Angel round of $50,000 led by Microtraction -preceding a $120,000 seed round from Y Combinator in August, and another seed round from Kairos by December of the same year.
Today, the platform has moved from 2,000 users in 2018 to 220,000 users, going by the latest data submitted by the company to press.