Kwara raises $4M in seed capital to create a neobank that will serve credit unions

Kwara’s mission is to provide modern financial services for millions of people through the development of credit unions in emerging market markets.

Kwara 758x398 1Kwara is a Kenyan startup that helps in traditional savings credit unions in East Africa (savings and credit cooperatives societies or SACCOs). However, Kwara has moved to digital platforms. Credit union members will be able to access instant loans and third-party services like insurance with the US$4 million seed round.

Breega VC led the round, with participation from Finca Ventures and Globivest. Launch Africa, Rabacap and Future Africa were also investors.

Kwara was established in 2018 by Cynthia Wandia and David Hwan. Kwara expanded its services to South Africa and the Philippines last year as demand grows beyond Kenya. Kwara currently serves Sacco members who are looking to reach the 100,000 mark. Kwara and Lami Technologies have partnered in recent partnerships to improve insurance access for Sacco members throughout the country. The fintech startup announced a partnership to Workpay in order to improve HR and payroll services.

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