Cowrywise secures $3m pre-seed A funding to deepen wealth management in Nigeria, Africa

Nigeria’s wealth management platform, Cowrywise has secured a $3 million pre-seed A funding round to push its product offerings, complete a new investment management infrastructure, onboard more fund managers in Nigeria and by expansion the entire continent.

Quona Capital led the round as Tsadik Foundation, Gumroad CEO Sahil Lavingia, and a syndicate of Nigerian angel investors locally and in the diaspora participated. The company previously raised more than $500,000 through a combination of equity financing and grants.

The financial technology and financial services company founded by Razaq Ahmed and Edward Popoola in July 2017.

Currently, the company has 19 different mutual funds and at least 20% of the total mutual funds in the country are listed on its platform. Ahmed claims this is the largest portfolio of mutual funds a single entity has in the country.