Kenyan fintech Kwara was founded in 2019 with the goal of assisting credit unions (savings and credit cooperative societies, or SACCOs) in the East African country transition to digital platforms by delivering unique Back-end-as-a-Service (BaaS) software.
The company’s growth has been rapid, with clientele increasing from two to fifty in just over two years. This occurred as it became evident to cooperative credit unions across the country that they required more technology to stay competitive.
As the start-up aims to deliver end-to-end solutions to its clients, Kwara is taking the next step in developing a next-generation neobank that will give credit union members access to fast loans and third-party services such as insurance.
The business has acquired $4 million in a seed round to develop a neobank app that will let people join up for numerous financial services through their chosen credit unions.
“We want to make credit unions as efficient as they can be by giving their members the kind of neobank experiences they wish to have,” Kwara co-founder and CEO, Cynthia Wandia told TechCrunch.
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