December 22, 2021East Africa
Kenya´s Fintech Kwara lands $4 Million in seed round from Breega, SoftBank to build neobank for credit unions
The Kenyan fintech Kwara was launched in 2019 to help credit unions (savings and credit cooperatives societies, SACCOs) in the East African country shift to digital platforms by providing them with its proprietary backend-as-a-service (BaaS) software.
– The startup’s trajectory has been steep, as its clientele shot up from two to 50 in just over two years.
– The startup has raised $4 million in a seed round to build a neobank app that will enable individuals to sign up with their preferred credit unions to access various financial services.
– Kwara has over the last year entered South Africa and Philippines, as the demand for its services grew beyond Kenya.
– It hopes to triple the number of credit unions using its software to 150 by the end of 2022.
