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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 that these products yield better interests at 10%-15%, more substantial than what banks offered.įollowing that was the introduction of its mutual funds’ products. The first facet of products launched to the market were savings-related products backed by fixed income instruments like treasury bills. The company switched focus, deciding to build upon existing payment infrastructure companies like Flutterwave and Paystack. But it didn’t turn out as planned, as the project became expensive to undertake and also, the telcos requested cutthroat prices and commissions.Ĭowrywise founders (Edward Popoola and Razaq Ahmed) When they launched, the founders wanted to leverage the telecom industry’s reach to drive its investment products to millions of subscribers. That has always been a problem we felt required a solution,” Ahmed told TechCrunch. “Wealth management had been strange to many Nigerians because the existing players were not built for the mass market. With Cowrywise, they hoped to democratise access to savings and investment products to the growing demography of underserved Nigerian millennials and the middle class. With interest rates hovering around 3-5% per annum, what Nigerians are now familiar with is to send and receive money via their bank accounts, and use debit cards for withdrawals leaving the market still underserved when it comes to investment products.įor this reason, Ahmed, alongside Edward Popoola as CTO, founded Cowrywise in 2017 to solve this problem. They expanded heavily in the mid and late 2000s to accumulate the branch networks they have today where there are about 45 million unique accounts in Nigeria.īut over the years, the quality of bank services in terms of savings and investments has drastically reduced. They couldn’t scale investment products to millions of Nigerians primarily due to their restricting size.īanks, though, have been able to make progress on this front when compared to investment firms. He noticed that existing investment management firms in the country focused on the top 1 percent. The idea for Cowrywise came when CEO Razaq Ahmed was an investment analyst with Meristem covering equities and making recommendations to retail and wealth management clients. The company previously raised more than $500,000 through a combination of equity financing and grants. 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. Cowrywise, a Nigerian fintech startup that offers digital wealth management and financial planning solutions, has raised $3 million in pre-Series A funding.