Kwaba raises new round for expansion in Africa

Kwaba, a Nigerian fintech firm that helps low and middle-income earners divide their annual rent into manageable monthly instalments, has received pre-seed capital to help it expand across Nigeria and Africa.

Kwaba, which was founded by Obinna Molokwu in January 2020 and is aimed at Nigerians wishing to pay rent in a modern method that represents their financial reality, is a digital platform that helps Africans with their house payment.

The company also provides services such as apartment search, quick cash at low rates, and additional credit facilities for property purchases. Kwaba received NGN115 billion in rent payment requests from over 30,000 consumers in the last year. Its smartphone app, which was launched in August 2021, has around 2,000 downloads.

After receiving investment from Ingressive Capital in 2020, Kwaba has recently raised an undisclosed amount of pre-seed money from Co-Creation Hub (CcHub) and other investors. It also participated in the LABS by ARM accelerator in the same year, receiving an extra US$20,000 in funding. Kwaba plans to expand across Nigeria and Africa with this round to provide more individuals with access to their solution.