Kwara provides back-office software and banking-as-a-service to credit unions (Saccos), automating paper-based processes and enabling new products and member onboarding. Its platform includes a next-generation neobank app that gives Sacco members access to instant loans, third-party services like insurance, and direct deposits into Sacco accounts. The company has expanded internationally with a presence in South Africa and the Philippines and was co-founded in 2019 by Cynthia Wandia and David Hwan. Kwara grew its client base from 50 to 120 over the past year while maintaining 100% customer retention, and its neobank app user base has grown 35-fold since launch. The startup plans to double down on Kenya, invest in enterprise-grade features for larger Saccos, improve the neo-banking experience with personalized goal features, and add more third-party partnerships. As part of its growth strategy it is set to acquire IRNET and has signed an exclusive digital solutions distribution agreement with Kuscco to access over 4,000 Saccos. Kwara, launched in 2019, provides a proprietary backend-as-a-service (BaaS) platform to help credit unions (SACCOs) digitize operations. Its platform supports core banking functions and enables members to view and download statements, apply for loans, and make repayments. Kwara's client count grew from two to 50 in just over two years; it currently serves about 60,000 SACCO members and has supported $40 million in transactions on its platform. Clients using its technology have seen membership growth of over 19% year-on-year and a 46% increase in loan base, and the beta uptake of the upcoming app ranged from 60% to 90%. Kwara is building a neobank app to let individuals sign up with preferred credit unions and access instant loans and third-party services such as insurance, with a full launch planned for mid next year. The company has expanded into South Africa and the Philippines and aims to triple its credit union customers to 150 and cross 100,000 members next year, with a long-term goal to serve 1 billion people by 2030.

Total raised

$7M

Funding rounds

2

Latest round

Seed

Latest activity

Jan 2023