Cowrywise Moves to Push Product Offerings With $3m Pre-seed Funding

Cowyrwise, Nigeria’s leading digital wealth management platform, has secured $3 million in pre-seed funding to deepen product offerings, onboard more fund managers in Nigeria, complete new investment management infrastructure, broaden financial education program and continue to hire top talent.

Quona Capital, a US-based venture capital, led the funding round with participation from Sahil Lavingia, Tsadik Foundation, and Nigerian investors.

Founded by Edward Popoola and Ahmed Razaq in 2017, Cowrywise was developed to provide access to powerful and flexible investment tools.

“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,” Johan Bosini, partner at Quaona Capital said.

“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.”

Cowrywise, in a statement, explained that the new funding will help strengthen its vision of making wealth management accessible to everyday people in Africa’s largest economy.

The team believes bringing wealth management to the mainstream, especially among first-time retail investors can positively impact Nigeria’s financial system and wealth distribution.

Ahmed Razaq, CEO of Cowrywise, said “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.”

Cowrywise has now raised $3.3 million in total. The startup was first funded by Microtraction and later received funds from Y Combinator and Catalyst Fund.