Kenyan fintech startup Kwara raises $3m seed extension to help credit unions digitise their operations. The seed extension will also help it grow significantly throughout the year. The startup has made a deal with the Kenya Union of Savings & Credit Cooperatives (KUSCCO) to generate leads.

Kwara`s new seed extension brings the startup`s total seed raise to $7 million. In December 2021, it raised $4 million to build a neobank that will give members of savings and credit co-operative societies (SACCOs) access to instant loans and third-party services such as insurance.

Kwara`s solution is to help SACCOs upgrade from the old-fashioned physical branch and paper-based operations to more digital processes with its banking-as-a-service offering.

Co-founder and CEO of the company, Cynthia Wandia, told TechCrunch that “the rationale (of the deal) is clear; first, it is an opportunity to generate leads and distribute our core product as fast, and to deepen our competitive moat.
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Nigeria startups also needs funding not extortion in the name of tax.

Well, this is a great way to encourage emerging fintech startups.


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