Cowrywise, a Nigerian wealthtech company has raised US$3-million from investors led by Quona Capital. CowryWise is a startup company which provides a platform for personalised financial services with a high interest rate only available to the top 1% of bank customers. The focus of CowryWise is to reach millions of savers in a cost-effective way. The biggest competitors of CowryWise are the banks which cannot offer a similar return because their cost to service per customer is higher due to factors such as employee costs. The company was established by Edward Popoola who previously worked at Interswitch and Razaq Ahmed who previously worked as an Investment Analyst at Vetiva Capital Management.
Quona Capital is a global impact investor in the emerging markets that operates in Africa, Asia and Latin America. The firm intends to deliver outstanding financial returns while making a lasting and positive impact on the world and has developed a framework that defines and measures the social returns of its portfolio. Quona Capital has invested in African based companies such as Sokowatch, Yoco, Zoona, Lulalend and AllLife.