Tech in Africa
Kwara, a Kenyan startup helping in traditional savings credit unions (savings & credit cooperatives societies, SACCOs) in East Africa has shifted towards digital platforms. The US$4 million seed round looks to give credit union members access to instant loans and third-party services such as insurance.
This round was led by Breega VC alongside participation from the SoftBank Vision Fund Emerge, New General Market Partners, Finca Ventures, Globivest, and Do Good Invest. Other investors are Launch Africa, Rabacap, Future Africa, Norrsken Impact Accelerator, DOB Equity, Samurai Incubate, and fintech angels.
Kwara was founded in 2018 by David Hwan and Cynthia Wandia. Last year, Kwara entered South Africa and the Philippines in an expansion drive as the demand for services grows beyond Kenya. The startup currently serves Sacco members looking to cross the 100,000 mark. In recent partnerships, Kwara has partnered with Lami Technologies to enhance insurance access for Sacco members across the country. In addition, the fintech startup also announced a partnership with Workpay to streamline HR & payroll services.
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