Nigerian wealth management startup, Cowrywise, has announced that it has raised $3 million pre-series A funding.

The round was led by Washington DC-based Quona Capital, with participation from Sahil Lavingia, Tsadik Foundation, and a syndicate of local and diaspora based Nigerian angels.

Cowrywise says it will use the funds to expand its product offerings to more asset classes, support the onboarding of more fund managers in Nigeria and across the globe, and deepen its investment management infrastructure.

With 19 different mutual funds available through its platform, the company says it uses algorithms to tailor investments options to the customer’s needs.

In June 2018, Cowrywise closed an Angel round of $50,000 led by Microtraction. In August 2018, it raised a $120,000 seed round from Y Combinator and another seed round from Kairos by December of the same year.

It received undisclosed funding from K-50 Ventures in April 2019, before receiving an $80,000 grant from UK-DFID backed accelerator, Catalyst Fund. A first for a Nigerian startup.

The Quona led investment brings Cowrywise’s total funding amount anywhere from $3.3 million to $3.5 million since its 2017 launch.

via Techpoint Africa: https://techpoint.africa/2021/01/28/cowrywise-3m-quona-capital/