Kwara, a Kenyan fintech company that targets the economically disadvantaged, is said to have raised $3 million in seed funding and signed a distribution deal for digital products with a group that represents Kenyan cooperatives. The fintech, whose clientele more than doubled in 2023, stated that it intends to use the funds raised to finance its expansion.

Existing investors DOB Equity, Globivest, and Willard Ahdritz are reportedly taking part in the startup’s seed extension round.  One Day Yes and Base Capital also participated in the most recent round of financing for the fintech. Mikko Salovaara, Revolut’s CFO, is rumored to have participated in this round.

When asked about the timing of the fintech startup’s agreement with the Kenya Union of Savings & Credit Cooperatives (KUSCCO), Kwara co-founder and CEO Cynthia Wandia reportedly stated, “We think we’ve barely scratched the surface in the Kenyan market. And so, we are just going to be really investing in products and services that deepen our relationship here.”

Kwara raised $4 million in a seed round supported by Breega, Softbank Vision Fund Emerge, Finca Ventures, and New General Market Partners prior to the fintech’s most recent capital raise. Kwara has now raised $7 million in capital through this funding round thanks to the most recent round.

Kwara hopes to improve the access to extra services for the members of the partner unions of KUSCCO through the neobank app. Users of the same app can also directly deposit money into their individual credit union accounts.